Trump says 'stock market starting to look very good' after biggest drop in 2 years

3876

Markets across the world lost value as worries about the spread of coronavirus have increased.

After the Dow Jones Industrial Average dropped over 1,000 points Monday, Donald Trump said the market was "starting to look very good."

The Dow lost 3.56% of its worth for the biggest percentage-point drop since February of 2018. Other indexes were also significantly lower including the S&P 500 (down 3.35%) and the Nasdaq Composite (down 3.71%).

The drop in value was attributed to the spread of the coronavirus, which CNBC said is "stoking fears of a prolonged global economic slowdown from the virus spreading."

Advertisement
Loading...

But right after the market closed, Trump was in a positive mood.

"The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries," he tweeted. "CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!"

Key overseas markets in Europe and Asia also lost value in reaction to coronavirus fears.

Trump has often used his Twitter account to tout America's economic strength. Over the month of February, he tweeted 27 times about the strong economy. Less than a week ago, on Feb. 19, Trump wrote, "Highest Stock Market In History, By Far!"

Trump's campaign recently tried to claim credit for economic improvements that occurred during President Barack Obama's presidency.

Published with permission of The American Independent Foundation.