Washington: The White House said today that President Donald Trump was focused on the long-term health of the economy, claiming the fundamentals were “exceptionally strong,” despite a strong market sell-off.
Wall Street stocks endured a brutal first session of the week, with the Dow seeing its steepest ever one-day point drop, wiping 4.6 per cent off the value of America’s 30 largest companies.
“The president’s focus is on our long-term economic fundamentals, which remain exceptionally strong,” said White House spokeswoman Sarah Sanders.
She cited “strengthening US economic growth, historically low unemployment and increasing wages for American workers.”
Since coming to office, Trump has repeatedly touted day- to-day stock market increases as evidence his administration is succeeding.
The White House had dubbed it the “Trump bump.”
Today’s crash comes after a sustained increase in share prices.
“The president’s tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people,” said Sanders.
But Wall Street stocks have been on shaky ground for the last week amid concerns over elevated Treasury bond yields and the likelihood of additional Federal Reserve interest rate hikes this year as the US economy strengthens.
During a speech in Ohio, Trump dropped his stock reference to the success in the market.