Why Trump has little say on rising or falling stocks

The stock market that Trump attached himself to is in turmoil putting the White House in a difficult spot. The Dow plunged 1,175 points on Monday- its biggest point decline ever- as investors fret over cracks emerging in the bond market

Responding to the market sell-off, the White House said Trump was focused on the long-term health of the USA economy, claiming the fundamentals were "exceptionally strong".

But Trump's economy-focused, campaign-style remarks on Monday ignored the beating the stock market has taken in the last two days of trading - including while he was speaking - with the Dow dropping more than 1,000 points in the biggest drop in the past two years amid turmoil in the USA bond market.

"The stock market hit a new high 84 times since we won the election on November 8 of past year, so that's something we can all be proud of", Trump said, before boasting at the impact on 401 (k) s.

What the Trump administration may find frustrating is that markets have plunged off of relatively positive economic news.

"The stock market I think is going to have a very big day based on the massive tax cuts that we're very much in the process of getting approved", Trump said. A market pullback took the Dow Jones industrial average from its record high above 26,000 in January down to an intraday low below 24,000 Monday; meanwhile the broader S&P 500 index fell from a high of 2,800 to an intraday low below 2,600 Tuesday.

But the closest he came by 5 p.m. Monday to acknowledging a two-day drop in the Dow of 1,841 points, or 7%, was a Tweet about how workers' paychecks were growing because of tax cuts.

Investors and the trillions of dollars they control, it turns out, have minds of their own, as shown by the stock market's dizzyingly steep declines on Friday and Monday and the volatility that extended into Tuesday.

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The statement was the first by the President about the United States stock market since a dramatic swoon that began Friday, following the release of a Labour Department report showing rising wages and lower-than-expected unemployment.

But the White House has made it clear that Trump should not shoulder the blame for the recent losses on Wall Street.

Treasury Secretary Steven Mnuchin said Tuesday he was "not overly concerned" about a short-term selloff and believed that markets were "functioning very well".

"The most important numbers to focus on are the fundamentals", Mr. Pence said.

The meeting has been long scheduled and the President will receive an update on the CFTC's agenda, according to a White House official who requested anonymity to discuss the private gathering. The Dow dropped 250 points at the open on Friday morning.

For any president, the split screen moment showing an apparent disconnect between his message of a roaring economy and hemorrhaging equities would be a little embarrassing. "Absolutely not", she said.

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