President Donald Trump declared that the stock market is “starting to look very good” on Monday minutes after The Dow Jones Industrial Average (DJIA) plummeted 1,031.61 points, or 3.5% and gave up all of its gains for the year.
The day’s decline marks the second-biggest daily point drop for the DJIA, -3.56% in its 124-year history.
U.S. stocks fell sharply in early trading Monday, following a broad sell-off in overseas markets, as a surge in COVID-19 virus cases were reported outside of China, notably Italy and Iran, threatening to dent global supply chains and economies.
There are now 79,339 cases of COVID-19 in 30 countries, and 2,619 deaths, according to the latest figures from the World Health Organization.
Trump, however, attempted to reassure Americans by claiming that “the coronavirus is very much under control in the USA.”
“Stock market starting to look very good to me,” Trump added, despite the near-record DJIA point drop.
The president was harshly criticized for his assertions.
“In case you were wondering the extent to which the president is willing to try and gaslight you, this tweet comes amid the news of an outbreak of a global pandemic and the stock market plunging over 1,000 points for its worst day in 14 months,” wrote one Twitter user.
In case you were wondering the extent to which the president is willing to try and gaslight you, this tweet comes amid the news of an outbreak of a global pandemic and the stock market plunging over 1,000 points for its worst day in 14 months.
— Brian Tyler Cohen (@briantylercohen) February 24, 2020
I believe #WallStreet is telling you you’re a despicable pathological liar and not to be trusted with Americans’ health and welfare. And btw…today’s CRATERING just wiped away the entire year’s gains for your precious #StockMarket… #Trump #coronavirus pic.twitter.com/xhtxSaA5i7
— Andy Ostroy (@AndyOstroy) February 24, 2020
oh look everyone, we're in phase 1, "deny it's happening." cool story my lying dude https://t.co/rwrph0kNpi
— Jeff Tiedrich (@itsJeffTiedrich) February 24, 2020