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: 148387

Reported Deaths: 3769
CountyCasesDeaths
DeSoto9953104
Hinds9892198
Harrison7045110
Jackson6270119
Rankin5462102
Lee501095
Madison4734106
Forrest380586
Jones354888
Lauderdale3425145
Lafayette321549
Washington3161107
Lamar289250
Oktibbeha244362
Bolivar240984
Lowndes234164
Panola219850
Neshoba2196118
Marshall213850
Leflore204790
Pontotoc199228
Monroe197377
Sunflower191655
Lincoln188765
Warren175357
Tate168051
Union166025
Copiah163040
Pike161658
Yazoo154239
Scott152129
Itawamba151534
Pearl River150867
Coahoma150143
Alcorn149628
Simpson146753
Prentiss144230
Adams141150
Grenada140645
Leake133543
Holmes129961
George124524
Tippah124530
Covington122238
Winston121624
Hancock120239
Wayne117223
Marion115846
Attala112234
Tishomingo108942
Chickasaw107132
Newton104229
Tallahatchie96827
Clay90327
Clarke89353
Jasper82022
Walthall76328
Stone76114
Calhoun73913
Montgomery73625
Carroll72115
Lawrence70814
Noxubee70617
Yalobusha70627
Smith70516
Perry66126
Tunica60619
Greene60022
Claiborne58316
Jefferson Davis56517
Amite53114
Humphreys53119
Benton49117
Quitman4897
Webster43414
Kemper42518
Wilkinson39422
Jefferson34811
Franklin3365
Choctaw3237
Sharkey30917
Issaquena1144
Unassigned00

Alabama Coronavirus Cases

Cases: 242874

Reported Deaths: 3572
CountyCasesDeaths
Jefferson31944500
Mobile19687361
Madison13065148
Tuscaloosa12983154
Montgomery12286236
Shelby1020377
Baldwin860398
Lee773566
Morgan653850
Calhoun6240119
Marshall621355
Etowah621066
Houston523038
DeKalb481336
Cullman435442
Limestone420645
St. Clair415855
Elmore404564
Lauderdale400454
Walker3634111
Talladega349054
Jackson313423
Colbert309342
Blount288840
Autauga271642
Franklin251033
Coffee242615
Dale231854
Dallas225932
Chilton221938
Russell22143
Covington218534
Escambia197931
Chambers176550
Tallapoosa175791
Pike158314
Clarke158019
Marion137936
Winston132323
Lawrence127336
Pickens122318
Geneva12138
Marengo121024
Bibb117317
Barbour117110
Butler115341
Randolph102021
Cherokee101524
Hale96131
Clay91124
Washington90919
Fayette89816
Henry8526
Lowndes79529
Monroe78711
Cleburne77114
Macon73122
Crenshaw71130
Bullock69419
Conecuh68414
Perry6846
Lamar6718
Wilcox63218
Sumter57722
Greene42418
Choctaw42113
Coosa3414
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