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Trump touts economy, tax break as market tanks

07 February, 2018, 01:15 | Author: Priscilla Morrison
  • Trump touts economy, tax break as market tanks

President Trump himself hasn't addressed Monday's miserable day for the stock market, but two White House officials made a point to downplay the trouble and emphasize perspective. "America is once again open for business". But it's now too late for President Trump and his surrogates to adopt a similarly bland and consistent response to Wall Street's gyrations.

In an interview previous year with The Associated Press, Trump seemed to recognize the risk of pointing to the markets as a sign of progress.

One White House aide told CNN's Jeff Zeleny that it was jarring to see Fox ditch the President's speech when the market free-fall hit 1,000 points.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%. The last biggest intraday point dive came on September 29, 2008, when the Dow fell 777 points. "Look markets do fluctuate", said deputy White House press secretary Raj Shah. The current conventional market wisdom is that the fundamentals of the economy and corporate profits, a key driver of valuations, are likely to remain solid, as is this rare period of synchronized global growth.

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




Trump's event Monday in Cincinnati is part of the President's latest effort to tout the tax cuts he and Republicans in Congress delivered late previous year.

This afternoon, President Donald Trump was in OH to speak to workers at a manufacturing plant and tout the recently passed tax cuts and the strength of the economy in general. One wonders if this sell-off continues, will the president take the same level of ownership with the slumping market?

News networks, many of which had been airing a Trump speech live from OH where the president had gone to promote the Republican tax reform plan, interrupted the programming to break the news.

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