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As US Stocks Plummet, Trump Goes Silent on Role in Markets
07 February 2018, 12:51 | Darnell Patrick
Immigrants take the oath of allegiance to the United States at a naturalization ceremony on Feb. 2 in New York City
The White House is trying to distance President Trump from what many news outlets on Monday called a "bloodbath" in the stock markets, after the DOW saw the largest single-day point drop in history. He has stayed silent in the face of market gyrations over the past week.
"Your paychecks are going way up", Mr. Trumpsaid amid cheers and applause. And if Trump declines to release their memo, top Senate Democrat Chuck Schumer said, they'll be proven right.
U.S. President Donald Trump plans to unveil details of his long-awaited plan to generate at least $1.5 trillion in infrastructure improvements over 10 years next Monday, a White House official said on Tuesday.
One White House aide told CNN that it was "jarring" to witness the simultaneous coverage of Trump's speech and a nosediving market.
The conservative network has spent months promoting the Trump administration's claim that the market's health is a result of the president's policies and promises.
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".
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At one point, the Dow fell 6.3%, or almost 1,600 points, which also cancelled its gains for this year, as investors fret over rising bond yields and the prospect of higher interest rates. Or maybe even President Trump.
"Somebody said 'treasonous.' I mean, yeah, I guess".
It is pretty unusual to have the White House make any statements about the movements of the stock market unless they are particularly positive or downright disgusting.
And since markets usually price good news in, much of the impact of the GOP's tax reform bill was probably included in the giddy highs in the market late a year ago - meaning that the political benefit of the tax reform law, on stock prices at least, may come too early to affect the midterms.
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