Trump Calls Wall Street’s October Swoon A "Little Pause"
Stocks on Wall Street have moved sharply lower in the month of October, although President Donald Trump seemed unconcerned in a post on Twitter on Tuesday.
Trump described the sell-off on Wall Street as a “little pause,” noting stocks remain sharply higher since he was elected president in November of 2016.
The president suggested stocks would only extend the recent downward trend if Democrats take control of Congress in next week’s midterm elections.
“The Stock Market is up massively since the Election, but is now taking a little pause – people want to see what happens with the Midterms,” Trump tweeted.
“If you want your Stocks to go down, I strongly suggest voting Democrat,” he added. “They like the Venezuela financial model, High Taxes & Open Borders!”
The tweet from Trump comes as the Dow Jones Industrial Average is down by more than 7 percent for the month of October, on pace for its biggest drop since May of 2010.
In a separate tweet, Trump quoted Wells Fargo Senior Global Equity Strategist Scott Wren, who predicted stocks will rebound if the Federal Reserve starts talking a little more dovish.
“If the Fed backs off and starts talking a little more Dovish, I think we’re going to be right back to our 2,800 to 2,900 target range that we’ve had for the S&P 500,” Trump quoted Wren as saying in an appearance on Fox Business.
Trump has repeatedly attacked the Fed in recent weeks, accusing the central bank of “going wild” and raising interest rates too fast.
The president also highlighted a report from the Conference Board showing that its consumer confidence index reached an eighteen-year high in October.
The Conference Board said its consumer confidence index rose to 137.9 in October from a downwardly revised 135.3 in September.
Economists had expected the consumer confidence index to drop to 136.3 from the 138.4 originally reported for the previous month.
With the increase, the consumer confidence index reached its highest level since hitting 142.5 in September of 2000.
(Photo: Gage Skidmore)
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