Dow tumbles again, nearly wiping out gains of Trump’s presidency

[gargamon]

 

https://www.politico.com/news/2020/03/18/donald-trump-stock-market-dip-135807

 

The stock market’s latest plunge on Wednesday did more than wipe out billions of dollars in investor equity. It also nearly obliterated President Donald Trump’s favorite measure of his economic success.

The Dow Jones Industrial Average's decline below 20,000 almost completely erased all of the iconic index's previous gains since Trump's inauguration, jeopardizing a key talking point for his reelection campaign. Earlier in the day, the S&P 500 fell by more than 7 percent, triggering a marketwide trading halt.

 

Since his 2016 victory, Trump has tweeted dozens of times about the record stock gains under his watch, posting as recently as Feb. 19 that it was the “Highest Stock Market In History, By Far!” He has repeatedly suggested that Americans check their 401(k)s to tote up their gains, and argued that the markets would have crashed had Hillary Clinton defeated him.

 

 

Now the upheaval sparked by the coronavirus pandemic, coupled with plunging oil prices and fears that shares were already inflated, has panicked investors, sending the Dow below the 19,827 where it stood on Jan. 20, 2017, the day Trump was inaugurated. Stocks pared their losses late in the day, and the Dow closed at 19,904.

Trump, for his part, always uses the election as the starting point, noting that the market surged the morning after the results were in. The Dow closed at 18,332, on Nov. 8, 2016, Election Day.

Trump's top economic aides have also eagerly made the connection between the health of the stock market and the success of his presidency.

In a CNBC interview a month after Trump’s inauguration, Treasury Secretary Steven Mnuchin said he “absolutely” views the stock market as a “report card” for the administration.

The stock plunge underscores the risk Trump took in tying his presidential reputation to stock prices, which can go down as easily as they can go up, and in any case are only one indicator of the health of the economy.

 

 

 

[Yinn]

When corona problem start, some TVF member say it good and he happy about that the Thai tourist guide loose their job, have no money.

 

Now the UK pound go down, the stock market, many Westerner die, etc. 

 

ps. I not really like McDonald Trump. But, corona the reason the stock market down a lot. Not because Trump do something.

[Rimmer]

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