The wild ride on Wall Street continued Thursday with the Dow Jones Industrial Average plummeting nearly 1,032 points (4.1 percent) to close at 23,860 points as investors fear the impact of rising Federal Reserve interest rates on the market.
The Nasdaq lost 274 points on the day (3.9 percent), while the S&P 500 closed with a 100-point loss (3.75 percent).
President Trump on Wednesday said traders selling stocks are making a “big mistake,” and that those trading stocks will regret their actions.
“In the ‘old days,’ when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down,” Trump tweeted. “Big mistake, and we have so much good (great) news about the economy!”
In the “old days,” when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!
— Donald J. Trump (@realDonaldTrump) February 7, 2018
Trump’s Treasury secretary and some Republican lawmakers have characterized the recent downturn as a natural, expected reaction to economic conditions.
The Dow Jones fell a record 1,175 points on Monday but rallied back on Tuesday to close the session up 568 points.
The index is still hovering near correction territory after reaching a record high of 26,616 on Jan. 26, 2018, reports ABC News.