White House says economic fundamentals 'strong'

Monday's one-day tumble was the Dow's biggest since 2011

None of these market gyrations will matter if markets stabilize, the Federal Reserves's interest-rate brakes don't lock up, and increased economy activity boosts tax receipts to offset the deficit.

But on Tuesday, the hosts argued that the dramatic drop - the Dow fell as much as 1,500 points on Monday - is both irrelevant to the average American and a sign that wages are rising.

With stock markets declining again, the White House on Monday said the fundamentals of the US economy are "strong". Though Trump's approval ratings have improved, to the low 40% range in some recent polls, he remains in a position that historically has been perilous for presidents in midterm polls.It's always possible stocks could go back on a tear in the weeks to come.

His reaction highlighted the risks for politicians who take credit for soaring stocks: the fall. Or maybe even President Trump.

"The president's focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening USA economic growth, historically low unemployment, and increasing wages for American workers", said White House press secretary Sarah Huckabee Sanders.

Another White House official said the administration is "always concerned" when the market dips, but also noted that the U.S. economy is fundamentally strong.

The stock market dip follows months of record highs, but still leaves the Dow at a significantly higher level than it was when Trump took office. "Somebody said treasonous? I mean, yeah, I guess, why not?" And if Trump declines to release their memo, top Senate Democrat Chuck Schumer said, they'll be proven right.

Defining loyalty to a country as loyalty to a leader is "not how democracy works", said top House Democrat Nancy Pelosi, who claimed Americans of all political stripes should be "alarmed".

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