Monday, 20 May, 2019

Trump not rattled by stock market volatility, says White House

House Intelligence Committee Chairman Rep. Devin Nunes R-Calif. arrives for the a closed-door meeting of the House Intelligence Committee on Capitol Hill Monday Feb. 5 2018 in Washington Trump not rattled by stock market volatility, says White House
Patty Aguilar | 07 February, 2018, 10:27

As Trump slammed Democrats in Blue Ash, Ohio, and celebrated robust job creation along with rising wages, the Dow Jones Industrial Average tanked 1,600 points at one point, before recovering on a volatile day to a record loss of a 1,175 point tumble, or 4.6%. "Absolutely not", said White House press secretary Sarah Sanders.

The internet joined in on poking fun at the irony.

Gidley added that Trump "was involved and responsible for the increase in the stock market, but also in the overall economy, which as you know had been growing at anemic levels under the Barack Obama administration". According to a spokesman, Trump liquidated his stock holdings in the summer of 2016.

Donald Trump boasted Monday of a resurgent us economy, but Wall Street traders had other ideas.

The White House is "very comfortable" with where the economy is, despite recent stock market volatility, a White House spokeswoman said on Tuesday.

And the White House is correct: The economic fundamentals are strong.

In an article by Politico, Charles Gabriel of the research firm Capital Alpha Partners said, "This is a risk that the president clearly set himself up for".

The conventional wisdom scolded Trump for taking the risky position of "owning" the markets when they can turn negative at any moment without much notice, as they have now.

If you don't clap for Trump, are you treasonous?

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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. "But the fundamentals of this economy are very strong".

"Your paychecks are going way up", Mr. Trump said amid cheers and applause.

During his wide-ranging remarks, Trump criticized House Democratic leader Nancy Pelosi of California for describing as "crumbs" the bonuses of $1,000 (U.S.) or more that some companies, including where he spoke, are giving their workers as a result of the tax cuts.

That means this market rough patch could quickly fade, allowing Trump to once again tout record highs on Wall Street. The question is whether you're heading for a multi-quarter curl-your-toes market in equities and that's not on our radar'.

"A massive sell-off is happening today, moments ago we were down more than 900 points this session - 3.5 percent".

But the prospect of faster wage growth carries potential downsides, too.

"I think it is un-American not to be excited about the fact that more people in this country have jobs than they did before".

The benchmark S&P 500 has pulled back more than 6 percent from a January 26 record high.

Yes, several members of the Trump administration have made calming statements, including Treasury Secretary Steven Mnuchin and Council of Economic Advisors Chairman Kevin Hassett.

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