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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

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Confirmed Cases: 62303

Reported Deaths: 1724
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Hennepin19677840
Ramsey7775269
Dakota4558106
Anoka3792115
Stearns291320
Washington219247
Olmsted178123
Nobles17736
Scott160822
Mower11072
Rice10428
Blue Earth9415
Wright9035
Carver8903
Clay79240
Sherburne73710
Kandiyohi7051
St. Louis60020
Todd4292
Lyon4253
Freeborn3601
Nicollet35113
Steele3512
Watonwan3281
Benton3233
Winona26516
Beltrami2490
Crow Wing24614
Le Sueur2301
Martin2095
McLeod2080
Chisago2071
Goodhue2029
Otter Tail1983
Cottonwood1770
Becker1611
Pipestone1589
Polk1564
Waseca1490
Itasca14612
Carlton1450
Douglas1442
Unassigned13346
Dodge1310
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Pine1290
Murray1241
Chippewa1091
Morrison931
Wabasha920
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Meeker872
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Jackson790
Cass762
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Mille Lacs723
Fillmore710
Renville675
Lincoln590
Grant563
Swift551
Roseau530
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Pope480
Houston440
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Norman400
Kanabec372
Redwood360
Hubbard350
Wilkin353
Marshall290
Mahnomen271
Wadena270
Red Lake240
Big Stone220
Lake220
Stevens180
Clearwater140
Traverse110
Lac qui Parle80
Cook50
Lake of the Woods40
Kittson30

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 49830

Reported Deaths: 948
CountyConfirmedDeaths
Polk10535208
Woodbury375452
Black Hawk318066
Linn244588
Johnson212320
Dallas191335
Buena Vista179712
Scott175814
Dubuque172231
Marshall145226
Pottawattamie135029
Story118115
Wapello92733
Muscatine85748
Webster8428
Crawford7363
Sioux6503
Cerro Gordo64417
Warren5821
Tama55629
Jasper48427
Wright4781
Plymouth47412
Clinton4214
Dickinson3854
Louisa37814
Washington30510
Boone2663
Hamilton2521
Franklin24812
Bremer2317
Clarke2063
Clay2031
Carroll1962
Des Moines1942
Emmet1934
Shelby1871
Hardin1850
Marion1770
Floyd1633
Benton1601
Poweshiek1598
Allamakee1584
Jackson1581
Mahaska14217
Guthrie1375
Henry1364
Cedar1351
Jones1342
Buchanan1301
Butler1272
Madison1272
Delaware1231
Hancock1232
Humboldt1221
Lee1214
Lyon1192
Pocahontas1182
Cherokee1101
Harrison1101
Clayton1083
Taylor1000
Iowa971
Winneshiek971
Page960
Kossuth950
Mills931
Monona910
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Jefferson870
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Sac860
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Grundy821
Mitchell800
Union781
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Davis612
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Appanoose523
Howard500
Fremont440
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Adair340
Ida320
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