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White House says economy 'exceptionally strong' despite steep dive in stock market

White House says economy 'exceptionally strong' despite steep dive in stock market

Trump avoided any mention of the stock market during an economic speech Monday in OH, and he ignored the questions reporters shouted at him as he returned to the White House after the markets had closed for the day. And if there is a correction in the market, it may benefit Trump and the Republicans for it to happen now and not closer to November.But if interest rates do spike and impact consumer confidence in a way that leads to a slowing economy, there could be a significant political impact at a time when Republicans are trying to cling onto the House and the Senate.And since markets usually price good news in, much of the impact of the GOP's tax reform bill was probably included in the giddy highs in the market late a year ago - meaning that the political benefit of the tax reform law, on stock prices at least, may come too early to affect the midterms.Ironically though, one of the contradictions of Trump's cheerleading about stocks could help him now.

Trump will issue "infrastructure principles, which will outline a plan" to boost infrastructure and call for cutting regulatory burdens to speed approval for new projects, the official said.

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 by one, each of the channels dipped away from the president's address because the DJIA was dropping at an alarming rate.

The London FTSE 100 closed, on Monday, down 1.5 percent at 7,334.98, meaning all the major global stock markets had fallen. The last biggest intraday point dive came on September 29, 2008, when the Dow fell 777 points.

"Markets go up, and markets go down" was always Robert Rubin's anodyne mantra when he was President Bill Clinton's treasury secretary and asked to comment on stock market fluctuations. The current conventional market wisdom is that the fundamentals of the economy and corporate profits, a key driver of valuations, are likely to remain solid, as is this rare period of synchronized global growth.

More news: No difference in Pakistan on Kashmir policy: PM Abbasi

The White House had dubbed it the "Trump bump".

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 a year ago. "The worst news for Democrats is that the market and the stock market is really not that important to mainstream America".

Mr Trump used his speech to tell the U.S. his tax cut bill had "set off a tidal wave of good news that continues to grow every single day".

During a speech in Ohio, Trump dropped his stock reference to the success in the market.

News networks, many of which had been airing a Trump speech live from OH where the president had gone to promote the Republican tax reform plan, interrupted the programming to break the news.

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 USA national security.


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