Donald Trump claims America is 'open for business' despite stock market plunge

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Now, the market is, arguably, beginning to react to Trump's actual policies - a tax cut that added fuel to an already strong economy, raising fears it will overheat, causing inflation, higher interest rates and recession.

After the speech Sarah Huckabee Sanders, the White House press secretary, said Trump is focused on "long-term economic fundamentals" and these are "exceptionally strong".

The market's tumble came as President Trump was talking up his tax cuts in Ohio. After all, the market has continued to set record after record during his tenure. "Seven TRILLION dollars of value created since our big election win!" He had sent similar tweets for months.

Stocks rise and fall, but the recent sell-off shows the ultimate folly of the president's fact-free existence. It closed the day down 4.6%, or 1,175 points.

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".

"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".

On Monday, the Dow fell to below 24,000 but regained some of its midday losses to close at 24,345.

Speaker of the House Paul Ryan R-Wis. left and Majority Leader Kevin McCarthy R-Calif. confer as they arrive to meet with reporters following a
Speaker of the House Paul Ryan R-Wis. left and Majority Leader Kevin McCarthy R-Calif. confer as they arrive to meet with reporters following a

From its high on January 26 at 26,616.71, the benchmark index has declined almost 2,300 points or 8.5 percent through Monday's close at 24,345.75.

The "Trump rally", as some traders have dubbed it, has coincided with a sweeping tax code overhaul approved in December, which slashed corporate taxes, and a deregulation push.

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. At that time, the Dow was trading at around 6,500.

But also in the mix are some more worrisome signs for both Trump and the markets. "Welcome to @BarackObama's second term".

Doug Holtz-Eakin, president of the American Action Forum and a former economic adviser to 2008 Republican presidential nominee John McCain, said, "The president shouldn't comment about the stock market".

Trump last week called on Congress "to produce a bill that generates at least $1.5 trillion for the new infrastructure investment we need".

"Where were they when it was going up?" You might have heard about them from President Trump.

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