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Trump touts economy as market tanks

President Donald Trump on Monday boasted that the economy is roaring under his presidency during remarks at an Ohio m...

Posted: Feb 6, 2018 7:32 AM
Updated: Feb 6, 2018 7:32 AM

President Donald Trump on Monday boasted that the economy is roaring under his presidency during remarks at an Ohio manufacturing company, linking economic gains to his policies and the tax cut legislation he signed into law.

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 US bond market. Instead, he focused squarely on the positive.

The Dow has lost 1,000 points in two days

"Your taxes are going way down. And right now, for the first time in a long time ... factories are coming back, everything's coming back," Trump said as he touted jobs growth and increased investments in the US. "America is once again open for business."

Trump has repeatedly touted stock market rallies throughout the 13 months of his presidency, but did not say anything about the downturn in the stock market.

The stock market dip follows months of record highs, but still leaves the Dow at a significantly higher level than it was when Trump took office.

As Trump spoke, televisions across the West Wing -- including those tuned to Fox -- showed the stunning side-by-side images of Trump touting a booming economy while the Dow plummeted.

One aide said it was jarring to watch the President's speech cut off by Fox News, which broke in when the drop hit the 1,000 point-mark.

With a 1,175-point dive, the stock market on Monday delivered the largest single-day point drop in the market's history. The last biggest intraday point dive came on September 29, 2008, when the Dow fell 777 points.

Pressed ahead of Trump's speech about the stock market losses, White House deputy press secretary Raj Shah acknowledged "markets do fluctuate in the short term, I think we all know that. But the fundamentals of this economy are very strong."

Another White House official said the administration is "always concerned" when the market dips, but also noted that the US economy is fundamentally strong.

Trump's event Monday in Cincinnati is part of the President's latest effort to tout the tax cuts he and Republicans in Congress delivered late last year. And he didn't allow the stock market slide to dampen his remarks.

"When I signed the tax cut, six weeks ago, it set off a tidal wave of good news that continues to grow every single day. Before the ink was dry, companies were announcing thousands and thousands of new jobs and enormous investments to their workers," Trump said, before touting investment figures by major companies.

While Trump ignored the stock market decline and focused on jobs growth, tax cuts and other positives in the Trump economy -- he didn't stay on message altogether.

Instead, the President strayed from his prepared remarks at several points on Monday to level attacks at Democrats, at one point suggesting some Democratic lawmakers' refusal to applaud portions of his State of the Union address amounted to "treason."

Trump's speech on Monday offered a preview of how the President plans to wade into 2018 midterm election campaigning, with a focus on touting the extra money in Americans' pockets as a result of the tax cut legislation and criticism of Democrats.

While Trump struck a bipartisan tone the previous week during his State of the Union address, that tone appeared had all-but vanished on Monday as he instead focused on attacking Democrats for their lack of applause and accused them of not caring about US national security.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 484675

Reported Deaths: 9480
CountyCasesDeaths
Harrison33151493
Hinds31184589
DeSoto30803365
Jackson23735349
Rankin21390373
Lee14963221
Madison14206272
Jones13430227
Forrest13199241
Lauderdale11623307
Lowndes10501176
Lamar10258130
Pearl River9151221
Lafayette8268137
Hancock7534113
Washington7144152
Oktibbeha6989124
Monroe6533167
Neshoba6489201
Warren6486166
Pontotoc632993
Panola6278127
Marshall6165126
Bolivar6129145
Union576089
Pike5626138
Alcorn540590
Lincoln5310132
George473572
Scott461596
Leflore4495140
Tippah448180
Prentiss447979
Itawamba4457100
Adams4429117
Tate4420103
Wayne434667
Simpson4339114
Copiah432988
Yazoo423686
Covington417192
Sunflower4155104
Marion4111104
Coahoma3986100
Leake398286
Newton372375
Grenada3565104
Stone351360
Tishomingo338389
Attala325987
Jasper316062
Winston305691
Clay297374
Chickasaw287866
Clarke283290
Calhoun267741
Holmes262887
Smith252249
Yalobusha224347
Tallahatchie221150
Walthall211758
Greene209945
Lawrence207034
Perry201054
Amite199452
Webster196942
Noxubee179339
Montgomery172954
Jefferson Davis168342
Carroll162537
Tunica154235
Benton143035
Kemper138840
Choctaw128826
Claiborne127134
Humphreys127038
Franklin116928
Quitman104227
Wilkinson102036
Jefferson91533
Sharkey63020
Issaquena1937
Unassigned00

Alabama Coronavirus Cases

Cases: 790648

Reported Deaths: 14025
CountyCasesDeaths
Jefferson1117431765
Mobile709021237
Madison50032633
Shelby36350315
Baldwin36278495
Tuscaloosa34034548
Montgomery33229678
Lee22712220
Calhoun21297410
Morgan19852335
Etowah19341462
Marshall17716274
Houston16862386
St. Clair15479305
Cullman14659258
Limestone14609188
Elmore14507264
Lauderdale13557281
Talladega13015236
DeKalb12214237
Walker10604330
Blount9735157
Autauga9691137
Jackson9400158
Coffee8934175
Dale8631173
Colbert8545184
Tallapoosa6688181
Escambia6599121
Covington6466167
Chilton6395144
Russell608755
Franklin5805101
Chambers5425134
Marion4818120
Dallas4713189
Clarke464079
Pike463297
Geneva4433117
Winston427395
Lawrence4124108
Bibb410281
Barbour347470
Marengo326485
Monroe320253
Butler318490
Randolph306656
Pickens306474
Henry302658
Hale293085
Cherokee290855
Fayette280373
Washington245548
Crenshaw238770
Cleburne236751
Clay229265
Macon220658
Lamar200443
Conecuh182046
Coosa170835
Lowndes170858
Wilcox159736
Bullock149543
Perry136537
Sumter124736
Greene121443
Choctaw73427
Out of AL00
Unassigned00
Tupelo
Clear
73° wxIcon
Hi: 87° Lo: 64°
Feels Like: 73°
Columbus
Partly Cloudy
72° wxIcon
Hi: 86° Lo: 63°
Feels Like: 72°
Oxford
Partly Cloudy
73° wxIcon
Hi: 84° Lo: 63°
Feels Like: 73°
Starkville
Partly Cloudy
75° wxIcon
Hi: 84° Lo: 64°
Feels Like: 75°
Little bits and pieces of low pressure move back into our area over the next several days. This will bring back into our weather forecast some more chances for some isolated to scattered showers and thunderstorms.
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