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White House Downplays Stock Mkt Plunge, Hints at Irrational Mkt Behavior
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Overnight on March 10, the DJIA closed down 890 points, or 2.1%, at 41,911, while the S&P 500 fell 155 points, or 2.7%. The Nasdaq tumbled 727 points, a 4% decline, marking its steepest single-day drop since September 2022. Despite the sharp sell-off in U.S. stocks over recent weeks, the White House downplayed concerns, pointing to recent investment moves by business leaders as a sign of a brighter economic outlook for the U.S. White House officials noted a stark disconnect between stock market trends and real-world business activity, emphasizing that the latter carries greater weight for the medium- to long-term economy. They attributed the recent market volatility to “animal spirits”, suggesting that the sell-off was driven by irrational fear and negative sentiment rather than fundamentals. The White House recently highlighted commitments from business leaders to invest hundreds of billions of US dollars in the U.S. over the coming years. White House spokesperson Kush Desai described these pledges as a strong endorsement of Donald Trump’s election and economic agenda. Desai underscored Trump’s first-term record of historic job, wage, and investment growth, expressing confidence that his second term could deliver similar results. AAStocks Financial News |
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