President Donald Trump weighed in on a tumultuous few days on Wall Street on Wednesday, lamenting that recent reports of “good news” on the economy hadn’t resulted in the stock market rising.
“In the ‘old days,’ when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down,” the president tweeted. “Big mistake, and we have so much good (great) news about the economy!”
For months, the president and his administration touted the surging stock market as an indicator of U.S. economic strength, with the Dow Jones Industrial Average crossing the 25,000-point threshold for the first time earlier this year.
But Monday, the Dow took a historical plummet the same day Trump delivered a speech on the taxes and the economy. The decline came amid concerns that the massive corporate tax cut could lead to an overheating economy, spurring the Federal Reserve to step in to cool things down.
After Monday’s record-setting 1,175 point drop in the Dow — the largest single-day point loss in history — volatility continued Tuesday, with the index closing 567 points higher. Choppy trading continued on Wednesday.
The White House earlier this week sought to insulate Trump from the economic upheaval, citing months of economic progress as reason not to fret over recent fluctuation.
“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 Huckabee 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.”