In a surprise press briefing on Monday, President Donald Trump addressed the recent stock market crash by pointing to the party that gained control of Congress last week.
Responding to a reporter’s question, Trump said that the market drop came only after Democrats swept the midterm elections.
“We’ve seen the stock market really take an up and down, like a roller coaster, the last couple of days, today. Last week it tanked —” a reporter began.
“Not last week. Right after the election. It went down three trillion dollars. That was because of the result of the election because the stock market does not want to see Democrats,” Trump said. “And your 401(k)s have gone way down because of the ridiculous result. It’s not even a result. It’s almost hard to believe.”
“Now I wasn’t on the ballot; I shouldn’t take anything personally, but I will tell you I thought it was ridiculous,” he said.
“But the stock market went way down right after that event. Today it’s way up, because I think they feel we have things under control,” he added.
The stock market suffered one of its worst drops of the year two days after Election Day on November 5.
Just two days after results came in, the S&P 500 sank 4.36% to 7,353.73, and its companies lost a record $2.9 trillion in value. The tech-heavy Nasdaq plunged 5.52% to 24,315 and wiped out $2.5 trillion, while the Dow dropped 1,833 points, or 3.44%, to 51,523.06.
Trump said Thursday that the stock market slide was “a sad thing to watch” and pinned the blame on Democrats and the blue tsunami election results.
“It took so much work to get us to a level that no one has ever seen before, and then this. Your 401(k)s have, therefore, dropped. Remember, it wasn’t Republicans, it was Dumocrats. Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE,” he said.
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