President Trump remained confident about the health of the economy Tuesday despite the wild ride on Wall Street, the White House said.
“This president and this White House are focused on long-term economic fundamentals which are strong,” White House Deputy press secretary Raj Shah said on Fox Business Network.
The Dow Jones Industrial Average swung violently throughout early trading, dropping more than 500 points at the opening, recovering into positive territory within 15 minutes and fell to a more than 100-point loss by 11:30 a.m.
The volatility followed a steep sell-off Monday in which the Dow lost 1,1754 points or 4.6 percent, erasing all of the gains of 2018. Investors feared a too-hot economy would spur inflation and higher interest rates.
Mr. Shah said the economy remains healthy with rising wages, high corporate profits and tax cuts promising more business growth.
The president took credit for the unprecedented run-up of the stock market since his election, and his political foes are trying to pin the blame on him for the downturn.
“We are very happy with his economic record and happy to have that debate with his political opponents,” Mr. Shah said.
• S.A. Miller can be reached at smiller@washingtontimes.com.
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