Wall Street stocks plunge in chaotic session, S&P 500 erases 2018 gains

Wall Street stocks plunge in chaotic session, S&P 500 erases 2018 gains

The Dow Jones industrial average plunged 1,175 points Monday, its biggest one-day point drop in history, following Friday's beastly 666-point slide. He has stayed silent in the face of market gyrations over the past week.

Defining loyalty to a country as loyalty to a leader is "not how democracy works", said top House Democrat Nancy Pelosi, who claimed Americans of all political stripes should be "alarmed".

Before the President's speech Raj Shah, the deputy press secretary for the White House, admitted "markets do fluctuate in the short term" but said "the fundamentals of this economy are very strong". "You don't want the president owning those things". For a year, he took credit for stock market gains that were the continuation of a nine-year bull market (a market he had called a "bubble" before assuming the presidency).

But for Trump, who has constantly boasted about nearly daily record highs on Wall Street since his election and told Americans that he alone is responsible for their healthy 401 (k) balances, the mismatch was even more pronounced.

President Donald Trump has repeatedly touted the strong stock market performance since his election victory as key proof of his success.

Jerome Powell officially takes over the US Federal Reserve
The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago". With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen.

Gidley added that Trump "was involved and responsible for the increase in the stock market, but also in the overall economy, which as you know had been growing at anemic levels under the Barack Obama administration".

"Since his election, starting on November the 9th of previous year, the stock market has gained in value $4.1 trillion".

"If the Democrats won the election, the stock market would have gone down 50 percent from where it was, and now look at the percentage increase".

"Number one, the Trump stock market rally, it rolls on", Varney told "Fox & Friends".

Now, the White House might benefit from the limited exposure of Trump supporters to wildly swinging stock market values. Even a statement like this seems risky in that it does not help the problem in any way.

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