The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. Two days of steep losses have erased the market’s gains from the start of this year and ended a period of record-setting calm for stocks. (Feb. 5)
WASHINGTON — While President Trump often touts stock market gains as a sign of his administration’s economic success, his press secretary downplayed Monday’s significant Wall Street losses.
“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,” White House Press Secretary Sarah Sanders said in a statement.
“The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people,” she continued.
The stock market plunged 1,175 points Monday after falling 666 points on Friday. It’s the biggest two-day point loss in U.S. history.
Dow’s feverish fall: 4 stock tips after Monday’s steep decline
As a percentage though, the 4.6% decline was not as significant – and would not rank among the 20 worst trading days.
Experts said that while presidents can move markets by declaring war or making major trade decisions, they don’t have as much power as the Federal Reserve to affect daily trading prices, the upside or the downside.
Trump has often touted the market’s performance during the past year.
Although the president often mentions the gains in the market, he did not mention Wall Street during a speech on the economy in Cincinnati Monday afternoon.
Contributing David Jackson, Herbert Jackson
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