Published: Wed, February 07, 2018
Global News | By Stacy Ballard

Trump discovers that markets go down

Trump discovers that markets go down

It is to the advantage of Presidents to avoid speaking too much on the topic. They went wall to wall with coverage of the stock market declining.

The Dow's closing level on Monday means it has shed around a third of its gains since Trump entered the Oval Office past year. It is hard to fault the guy in a way.

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On Jan. 7, he wrote on Twitter, "The Stock Market has been creating tremendous benefits for our country in the form of not only Record Setting Stock Prices, but present and future Jobs, Jobs, Jobs". In the last few days the stock market has been singing a different tune.

The Dow eventually plunged 1,175.21 points, or 4.6 percent, closing at 24,345.75 Monday. But on Saturday, House Speaker Paul Ryan tweeted out a message pulled from an Associated Press story: "A secretary at a public high school in Lancaster, PA, said she was pleasantly surprised her pay went up $1.50 a week. she said that will more than cover her Costco membership for the year". Since stocks tend to attract the wealthiest of Americans, highlighting rampaging stock values always seemed an odd way for him to connect to the "forgotten men and women", who helped put him in the White House. It could add fuel to the fire. So how did the White House respond? A better strategy might be to allow the media to hype up the new records in the market.

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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". But his staff said they're focused on the long-term fundamentals. "But the fundamentals of this economy are very strong". That was an important addition to make to the end of the statement.

State party officials can't get either candidate to back off - and no wonder.

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The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago". He brings a background in financial markets, a contrast with Ms Yellen and her predecessor, Ben S Bernanke.

None of these market gyrations will matter if markets stabilize, the Federal Reserves's interest-rate brakes don't lock up, and increased economy activity boosts tax receipts to offset the deficit.

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