NEW YORK, Feb 5 (APP):: The Trump administration said Monday it is worried about the slump in the U.S. stock market.
“We’re always concerned when the market loses any value, but we’re also confident in the economy’s fundamentals,” a White House official told CNBC television network.
The Dow Jones industrial average fell more than 400 points Monday afternoon, and the S&P 500 traded more than 1 percent lower, extending last week’s plunge.
On Air Force One, travelling with President Donald Trump to Ohio, White House spokesman Raj Shah said, “markets do fluctuate. Short-term we all know that.” He added the “fundamentals of the economy are strong,” referencing evidence of wage growth and unemployment numbers at their lowest in nearly two decades.
President Trump has touted the strong stock market performance since his election win and has yet to deal with a significant market pullback. The Dow is up more than 30 percent since the election.