After DOW Freefall White House Says Trump Hasn't Focused on Stock Market

by Abel Hampton February 7, 2018, 0:52
After DOW Freefall White House Says Trump Hasn't Focused on Stock Market

The Dow's closing level on Monday means it has shed around a third of its gains since Trump entered the Oval Office previous year.

But the president has consistently taken credit for the stock market's rise since his election and has trumpeted it as an indicator of the broader health of the USA economy.

At Monday's close, the Dow Jones industrial average had fallen more than 1,150 points, its largest one-day point drop. One wonders if this sell-off continues, will the president take the same level of ownership with the slumping market?

Throughout a speech at a factory in Blue Ash, Ohio, Trump made no mention of stock markets, departing sharply from past practice.

"They were like death and un-American".

Defining loyalty to a country as loyalty to a leader is "not how democracy works", said top House Democrat Nancy Pelosi, who claimed Americans of all political stripes should be "alarmed". But ironically, markets don't like wage hikes, because that also makes interest rates go up.

Trump's past boasts about a Trump bump in stocks may come back to haunt him.

"We broke it 84 times this year".

In recent months, as the stock market has reached record highs time and time again, President Donald Trump has bragged over and over on the numbers, seemingly taking credit for the gains.

"You live by the sword, you die by the sword, to a certain extent", he said.

At the World Economic Forum in Davos last month, Trump gloated about booming stock markets and argued that if Hillary Clinton had won the election, then the market would have lost half of its value.

Now that the stock market has tumbled nearly 2,000 points in two trading days and is in negative trading territory for 2018, the White House has discovered that what goes up also goes down: "Look, markets do fluctuate in the short term", said White House deputy press secretary Raj Shah. "Look markets do fluctuate", said deputy White House press secretary Raj Shah. "But the fundamentals of this economy are very strong and they're headed in the right direction".

The slump began on Friday as investors anxious that creeping signs of higher inflation and interest rates could derail the US economy along with the market's record-setting rally.


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