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Trump Has Explanation for Market's 'Little Pause'

It's because of the midterms, he says, warning that Democrats will make things worse
By John Johnson,  Newser Staff
Posted Oct 30, 2018 10:45 AM CDT
President Trump arrives to speak at the Future Farmers of America Convention and Expo in Indianapolis on Saturday.   (AP Photo/Andrew Harnik)

(Newser) – President Trump has repeatedly celebrated the stock market's rise under his watch, and on Tuesday he chalked up Wall Street's rough October to concern about the midterms. "The Stock Market is up massively since the Election, but is now taking a little pause — people want to see what happens with the Midterms," Trump tweeted. "If you want your Stocks to go down, I strongly suggest voting Democrat. They like the Venezuela financial model, High Taxes & Open Borders!" MarketWatch has some relevant numbers: Since Trump won the election, the S&P is up 23%, the Dow 33%, and the Nasdaq 36%. However, the same post suggests that the phrase "a little pause" is understating things.

The recent downturn has wiped out all of 2018's gains for the Dow and S&P, and all three major indexes are on track for their worst monthly declines in several years. Monday was another rough day, and much of the decline came after a Bloomberg report suggested that the White House was readying more tariffs on China. As Politico notes, the faltering market complicates the Trump team's plan to use the economy as a big midterm message. Still, the Trump campaign rolled out a sleek new ad Monday, featuring scenes in the wake of the 2008 financial crisis and telling voters, "Things are getting better." (Trump predicts one move by his political foes would cause a market crash.)

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