The market had a wild ride on Tuesday, Dec. 11.
To be fair -- it wasn't just the markets. There was also a political sparring match between Nancy Pelosi, Chuck Schumer, Mike Pence and President Donald Trump.
The market reacted swiftly, with the Dow dropping into the red after opening up over 330 points.
"Our country cannot afford a Trump Shutdown," Schumer and Pelosi said in a statement, adding that Trump "knows full well that his wall proposal does not have the votes to pass the House and Senate and should not be an obstacle to a bipartisan agreement."
Stocks had gained significantly earlier Tuesday after China's chief trade negotiator, Liu He, spoke with U.S. Treasury Secretary Steve Mnuchin and Trade Representative Robert Lighthizer by phone Monday night and agreed to work toward the framework of talks set during the G-20 leaders' summit in Argentina, , China's Commerce Ministry said in a statement.
The Dow fell into the close after it attempted a rally later in the afternoon. It fell 52 points, or 0.21%, to 24,371, the S&P 500 fell 0.04%, and the Nasdaq gained 0.16%.
Here's some of the top stories from TheStreet on Tuesday.
Google Gets Grilled
Pichai testified in front of the U.S. House Judiciary Committee's hearing on the transparency and accountability of Google's data collection and usage in his first appearance before Congress. Shares of Alphabet were edging up 0.17% to $1,054.95 as the hearing concluded.
Pichai faced a number of questions about alleged political bias at Google and the possibility that individual employees could manipulate search results. Pichai said several times that such influence was not possible, but would follow up with members of Congress to assure them this was the case.
The questioning also carried echoes of the earlier testimonies of Zuckerberg and COO Sheryl Sandberg, who faced questions on Facebook's sluggish response to foreign interference in elections. Asked if the same threat is present at Google, Pichai assured lawmakers that "we always worry about that as a threat factor, and this is why we make sure when building our products we don't rely on one set or groups of people to do it." Pichai added that during the 2016 election, there was "limited" improper activity by Russian actors on Google.
Lawmakers also pressed Pichai on the inner workings of Google's search algorithm, even performing live Google searches and asking the Google chief to explain how the results were compiled. Congressman Ted Lieu (D-California) Googled two of his senate colleagues, Steve Scalise and Steve King, and demonstrated the positive or negative search results of both.
Verizon's Burning Cash
Verizon (VZ) said Tuesday that the cost of previously announced buyouts for about 10,400 employees would range from $1.8 billion to $2.1 billion.
TheStreet's Tony Owusu covered the news. He reported that half of the 10,400 employees would be exiting at the end of December, with the rest exiting June 2019.
Verizon announced Monday that around 10,400 employees were being bought out as the company prepped to roll out 5G.
The company filed an 8-K Tuesday detailing the cost of the buyouts as well as a company segment that wasn't pulling its weight. Verizon identified its media business, which was branded "Oath," as a struggling segment in the Securities and Exchange Commission filing.
As a result, Verizon expects to record a non-cash goodwill impairment charge of about $4.6 billion in the fourth quarter, which eats up most of Oath's previous goodwill balance of $4.8 billion.
It's not all bad news for Verizon in the fourth quarter, however, as the company also said it expects to recognize a non-recurring deferred tax benefit of about $2.1 billion in the fourth quarter.
The Tech Effect
Jim Cramer discussed Tuesday over on TheStreet's premium site Real Money why he believes that tech ETFs are not as good an an investment as strong individual tech stocks.
"The ETF promoters say they want us to do it so we can avoid 'single-stock risk' -- which is a huge amount of hokum, because they never talk about single-stock reward, so they all trade together anyway."
He told TheStreet that he encourages investors to steer away from tech ETF's and would prefer that investors stick to single stock picks when it comes to tech stocks.
He also broke down why McDonald's (MCD) -- which is RealMoney's stock of the day -- is a good defensive stock for investors in this current market.
Kevin Curran, a reporter for RealMoney, wrote a piece explaining why McDonald's is a "safe haven" in a volatile market.
Aren't you excited to see what tomorrow's market madness brings?
Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.