The Dow collapsed today, and some say its based on worries about inflation and the fed reserve choice to raise interest rates.
The Dow Jones Industrial Average fell 831.83 points, or 2.2 percent, to 25,598.74. The S&P 500 lost 94.66 points, or 3.29 percent, to 2,785.68 and the Nasdaq Composite dropped 315.97 points, or 4.08 percent, to 7,422.05.
Reporters asked Trump about it, and he blamed not Hillary Clinton, not the Mexicans, not Rod Rosenstein, not the FBI, not even Jeff Sessions… he blamed the fed reserve.
Per WH pool report, President Trump blames market decline on the central bank and says "The Fed has gone crazy.” The Fed has not, in fact, gone crazy. It's raised rates very gently and slowly and they remain low.— Ben White (@morningmoneyben) October 10, 2018
"The Fed has gone crazy," President Trump tells reporters on Air Force One. Another moment that is unprecedented in the White House.— Josh Dawsey (@jdawsey1) October 10, 2018
President Trump on Wednesday said the Federal Reserve “has gone crazy” with a series of planned interest rate increases after U.S. stocks suffered their worst daily losses since February.
Trump told reporters on Air Force One that the Fed had raised rates too quickly after being asked his reaction to Wednesday’s massive stock sell-off, according to pool reports.
Yup. It’s not time to panic. The stock market has been on an enormous tear, and this is a small correction by comparison.
What we need is some perspective:
It's the 3rd worst point loss in Dow history, but in shedding 3.15% of its value, today's decline doesn't even make the top 20 in terms of historic Dow percentage losses.— Steven Portnoy (@stevenportnoy) October 10, 2018
(That would require a loss of more than 6.9%, or a loss of more than 1,800 points...)
And that is why I’ll be buying some cheap stocks in the days to come…