After a stunning three thousand point drop in the Dow Jones yesterday, the stock market was desperate to rally today. We saw in overnight trading last night, when Dow Futures surged more than a thousand points and hit an automatic limit. Sure enough, the Dow Jones was up around 1,200 by lunchtime today. Then Donald Trump started speaking.
While Donald Trump babbled, fumbled, and insulted his way through yet another pointless press conference today, the Dow Jones reversed course and plummeted about eight hundred points. Remarkably, after Trump got off the stage, the Dow Jones began sharply climbing again.
We saw a similar pattern yesterday. The Dow Jones had been down roughly two thousand points for most of the day, which was awful, but at least it had seemingly stabilized. But when Trump held a press conference during the market’s final hour, it promptly plummeted an additional thousand points.
Just how toxic is Donald Trump? All he has to do is show his face and remind everyone that the United States really is stuck with a clown like him for President, and investors immediately start bailing out of the market. The best thing Trump can do for the stock market, and for most Americans, is to simply stop talking. Or better yet, resign.
Bill Palmer is the publisher of the political news outlet Palmer Report