Thursday, 18 October, 2018

Dow Jones down: White House distances Donald Trump from markets crash

US President Donald Trump delivers remarks on his tax policy after a factory tour of the Sheffer Corporation in Blue Ash Ohio US Dow Jones down: White House distances Donald Trump from markets crash
Patty Aguilar | 06 February, 2018, 15:33

The White House said Monday that President Donald Trump was focused on the long-term health of the economy, claiming the fundamentals were "exceptionally strong", despite a strong market sell-off.

White House spokeswoman Sarah Sanders cited "strengthening USA economic growth, historically low unemployment and increasing wages for American workers".

"The President's tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people", she added.

As the president proclaimed in OH that 'America is once again open for business, ' the Dow Jones Industrial Average took a massive hit, plummeting as much as 1,500 points before rebounding to a less dramatic loss of more than 1,175 at the end of the trading day.

Gidley pointed to a roughly 7,000-point gain in the Dow since Trump took office, even as dour second-by-second figures were shown on-screen next to him.

During a speech in Ohio, Trump again touted the benefits of his tax cut plan - but dropped his stock reference to the success in the market. We all know that ...

The surge in stock prices for more than a year - the Dow grew 45% from Trump's election to the record close on January 26 - was due to the resumption, after a pause, in growth in corporate earnings and positive economic news in most developed countries around the world, said Jason Ware, chief investment officer at Albion Financial Group in Salt Lake City.

"Factors that are out of the control of the president are driving the upside and the downside, despite the fact that he'd like to take credit for upside", Ware said.

The Dow plunged 666 points Friday, prompting the Wall Street Journal to declare that "correction watch is on", then tumbled another 1,175 points Monday.

Asia markets join global stock plunge
On Monday, the S&P 500 ended 7.8 percent down from its record high on January 26, with the Dow down 8.5 percent over that time. The good news is that the US economy is strong, with European economies also awakening from previously feeble growth levels.

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"As we're already seeing, [tax reform] is leading to hundreds of billions of dollars of investment in the United States".

Doug Holtz-Eakin, president of the American Action Forum and a former economic adviser to 2008 Republican presidential nominee John McCain, said, "The president shouldn't comment about the stock market".

Of course, the recent losses on Wall Street have put just a dent in the overall gains of the Trump era. "Jobs, Jobs, Jobs. Six trillion dollars in value created!"

"Can you imagine if 'O" was president and had these numbers - would be biggest story on earth!

The stock market dove more than 4 percent on Monday, continuing last week's sharp drops after more than a year of robust gains.

Friday's jobs report sparked worries over the prospects for inflation and a surge in bond yields, as well as concerns the Federal Reserve will raise rates at a faster pace than expected.

"You're seeing what's happening with the stock market".

"I don't have to tell you about the stock market and where that's gone", Obama said in a July 24 interview with CNBC, for example.

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