One of Trump’s favorite barometers to chart his success in the White House is the stock market, which has reportedly “come back to bite him” after the Dow Jones average dropped 665.75 points on Friday. This drop makes this the sixth-largest single-day decline ever for the Dow Jones. The S&P took it’s 14th largest drop on Friday as well, when it dropped 59.85 points, according to the Business Insider.
This was the biggest fall in the stock market so far during Trump’s rein in the White House. While Trump was active on his Twitter account on Friday, there was no mention of this plunge in his stock market success gauge coming from the president’s numerous tweets.
Despite Trump touting the market’s success all year as a credit to his administration, the president has little control over what the stock market is doing, suggests several online media sites today. Mother Jones is one of those sites and they ask, “would it kill us to rub Trump’s nose in this for a day before acknowledging that?”
One of the tweets Trump did share online Friday outlined the “unemployment rate at 4.1%” and “200,000 new American jobs” were among the things he proudly displayed. He also shared, “average earnings up 2.9% in the last year,” to finish off his tweet of accomplishments. The stock market was never mentioned in Trump’s “tweetbragging about the economy today,” writes Mother Jones. You can see Trump’s tweet on the economy from Friday below.
Politico explains that the stock market’s downward spiral on Friday had nothing to do with Trump, and it is for this reason that the president’s tendency to tie the stock market to his success is a “bad idea.” They go on to say that Trump “has little if any, control over the stock market.” On Friday, his months of boasting about the success of the stock market during his administration showed why it could come “back to bite him,” suggests Politico.
Since stepping into the White House, Trump has touted the stock market’s success in tweets, memos, speeches, press conferences, and official statements. One of the statements that may come back to bite him was something that both Trump and Treasury Secretary Steven Mnuchin had previously said. Both these men conveyed that the stock market was “a fair report card for the administration,” according to the Business Insider.
Mother Jones’ “rub his nose in it” comment materialized online, as that is what some folks did. They hopped online to rub Trump’s nose in the stock markets big dip of the day. One of the themes coming out of this has to do with the number of points the Dow Jones lost. Some folks took the liberty of rounding off 665.75, which is the number of points the Dow lost on Friday, and this worked out to be 666.
The number 666 is often affiliated with evil and some people online are calling this the “number of the beast.” Some examples of those social media posts are seen below from both Facebook and Twitter.
With that said, the reason for the market taking a dive is “not Trump’s fault,” according to Politico. They, like other media outlets, explain how despite Trump having the tendency to take credit for the rising market, the president has little control over the direction it goes.
The alleged reasons for the stock market’s dip on Friday are offered in a vast variety, including “the improving wage growth leading to increased fears of Federal Reserve interest rate tightening, bond yields surging, a weakening dollar, animal spirits, the need for a ‘healthy correction’— and none of them have a thing to do with Trump,” writes the Business Insider.
Other folks are suggesting the turmoil over the released FBI memo stirred up the market on Friday. Fox & Friends Weekend on Saturday morning explored the memo theory as one of the reasons for the stocks to take a dive. It is all just in theory today, but some think this memo could have something to do with the markets decline on Friday, but still, others are blaming Trump and “rubbing his nose in it” online today.