Repeat after me: The Dow Jones Industrial Average is not the stock market. The stock market is not the economy. And nobody should be treating short-term shifts in any of the above as fodder for their political fights on Twitter. It was probably inevitable that Donald Trump would be ignorant of all this. After a month of tweeting (25 times) about a rising stock market that he falsely claimed the “fake news media” was ignoring, the president was silent during a multi-day sell-off that saw the Dow plummet from just over 26,000 on Thursday, Feb. 1, to just over 24,000 on Tuesday, Feb. 6 — the fastest drop, by percentage, in the index’s history. This Wednesday featured a brief rebound into 25,000 territory, but the market’s increasing volatility was a sign of what was to come. Things got worse on Thursday, which saw another thousand-point drop. Wednesday, of course, also saw what has to stand as one of Trump’s most nonsensical and monomaniacal tweets: The president has apparently taken to threatening global markets over a sell-off because he doesn’t think it tracks to his interpretation of the news. It’s hard not to see this the greatest example of the hubris… Read full this story
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