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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.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604052

Reported Deaths: 7616
CountyCasesDeaths
Hennepin1248161773
Ramsey52466895
Dakota46797470
Anoka42724458
Washington27406291
Stearns22552224
St. Louis18134312
Scott17544135
Wright16405148
Olmsted13390102
Sherburne1200195
Carver1066148
Clay825692
Rice8187110
Blue Earth762443
Crow Wing681494
Kandiyohi667585
Chisago619652
Otter Tail585684
Benton582998
Goodhue483474
Douglas475381
Mower470733
Winona461151
Itasca459263
Isanti439964
McLeod430161
Morrison424362
Nobles407950
Beltrami407561
Steele397616
Polk389072
Becker386555
Lyon363853
Carlton352756
Freeborn346932
Pine335023
Nicollet331045
Mille Lacs311454
Brown307840
Le Sueur297225
Cass286032
Todd285632
Meeker263142
Waseca238023
Martin235032
Roseau211021
Wabasha20783
Hubbard196241
Dodge18773
Renville182446
Redwood176338
Houston174616
Cottonwood167124
Wadena162823
Fillmore157410
Faribault154319
Chippewa153938
Pennington153820
Kanabec146828
Sibley146810
Aitkin138737
Watonwan13579
Rock128719
Jackson122612
Pipestone116626
Yellow Medicine114920
Pope11296
Murray107010
Swift106918
Koochiching95117
Stevens92411
Clearwater89116
Marshall88817
Lake83120
Wilkin83112
Lac qui Parle75622
Big Stone6044
Grant5938
Lincoln5843
Mahnomen5669
Norman5479
Kittson49022
Unassigned48093
Red Lake4017
Traverse3765
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 370840

Reported Deaths: 6048
CountyCasesDeaths
Polk58221639
Linn21202339
Scott20303247
Black Hawk16106312
Woodbury15237230
Johnson1461485
Dubuque13505211
Dallas1128899
Pottawattamie11219174
Story1071148
Warren583791
Clinton561493
Cerro Gordo553693
Sioux516974
Webster515194
Muscatine4878106
Marshall486576
Des Moines467271
Wapello4337122
Buena Vista426940
Jasper420972
Plymouth402881
Lee382356
Marion366076
Jones300857
Henry294237
Bremer288161
Carroll286752
Boone268434
Crawford268240
Benton259655
Washington256951
Dickinson249444
Mahaska232352
Jackson225242
Clay216627
Kossuth216166
Tama211871
Delaware210943
Winneshiek198135
Page194522
Buchanan193433
Cedar192223
Hardin187544
Fayette186543
Wright185840
Hamilton181851
Harrison180073
Clayton171057
Butler166135
Madison164619
Mills163724
Floyd163242
Cherokee159438
Lyon158841
Poweshiek157036
Allamakee152752
Hancock150234
Iowa149824
Winnebago144431
Cass139155
Calhoun138913
Grundy137133
Emmet135841
Jefferson133535
Shelby131537
Sac130920
Union129935
Louisa129649
Appanoose129049
Mitchell126643
Chickasaw124717
Franklin123323
Guthrie123132
Humboldt119526
Palo Alto113523
Howard104922
Montgomery103638
Clarke100924
Keokuk96432
Monroe96230
Unassigned9540
Ida91535
Adair87332
Pocahontas85822
Davis85225
Monona82931
Osceola78916
Greene78011
Lucas77923
Worth7598
Taylor66812
Fremont6269
Decatur6169
Ringgold56324
Van Buren56318
Wayne54423
Audubon53511
Adams3444
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