White Home: Economic system 'sturdy' regardless of inventory market tumble

With a 1,175-point dive, the stock market on Monday delivered the largest single-day point drop in the market's history. Though Trump's approval ratings have improved, to the low 40% range in some recent polls, he remains in a position that historically has been perilous for presidents in midterm polls.It's always possible stocks could go back on a tear in the weeks to come.

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 U.S. bond market.

For months, the network's conservative analysts have attributed the stock market's steady climb to President Donald Trump's policies and promises and have celebrated the market's health as an economic boon to regular Americans.

Liz Peek, a Fox contributor, argued on "Fox & Friends" that the market's plummet can be attributed in part to a slight increase in wages reported this month. And he didn't allow the stock market slide to dampen his remarks. And if Trump declines to release their memo, top Senate Democrat Chuck Schumer said, they'll be proven right.

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His reaction highlighted the risks for politicians who take credit for soaring stocks: the fall.

"The reason our stock market is so successful is because of me", he told reporters on Air Force One in November. Or maybe even President Trump. He cited the rising value of the market as Trump's crowning economic achievement.

In an interview a year ago with The Associated Press, Trump seemed to recognize the risk of pointing to the markets as a sign of progress.

She said the president's "tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people".

(Copyright © 2015. All Rights Reserved.)
 
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