Today, the Dow Jones suffered (including the plunge after hours) its biggest point crash in history, turning negative for the year, which for a president who takes particular delight in every uptick in the market, was terrible news.
So, as many expected, the White House issued a statement after the close, commenting on today's market crash.
Predictably, there was little commentary of the "day to day" moves, and instead Trump deflected by pointing out that he is now focusing on the economy's "long-term fundamentals" instead.
Full statement below:
"The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers. The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people.
Translation: Trump will never again tweet about the market.
Poster Comment:
Have you hugged your Ron Paul gold dollars today? The Dow makes bitcoin look a lot better.
Wall Street continued a broad selloff Monday, as the Dow plunged a record 1,175 points amid growing inflation fears. The Dow Jones Industrial Average closed at 24,345, down 4.6%. The S&P 500 fell 113 points, or 4.1%, to 2,648. The Nasdaq Composite dropped 273 points, or 3.78%, to 6,967.
The Dow fell as much as 1,597 points in afternoon trading, the largest intraday drop in history. The blue-chip index’s 4.6% decline reflected its worst day since at least Aug. 10, 2011. Coming off its worst week in two years, the Dow wiped out its 2018 gains with its pullback Monday.
The CBOE Volatility Index, known as the market’s “fear gauge,” soared 115% to its highest level since 2011.
