March 22-- In the past the Trump administration has boasted of the performance of the stock market as evidence of the success of its policies. Now that the market has begun to drop, White House secretary Sean Spicer has changed his tune.
|Spicer now says that it is unfair to judge the Trump administration's economic policy on the basis of the performance of the stock market. However, the market has done very well since the election and inauguration of Trump resulting in what has been termed the Trump rally. Just back on January 25th this year the Dow Jones Index broke through the 20,000 level. On March 1 the DJI broke through the 21,000 level and the Nasdaq and S&P indices also slashed records. Earlier at the beginning of February, Nouriel Roubini had predicted that the Trump honeymoon with the stock markets would soon be over. Perhaps his prediction is coming true now. Yesterday, the DJI, the S&P 500 and Nasdaq each fell roughly one percentage point. Spicer said: “You can’t look at one indices and say that’s the benchmark for an entire economy. You see confidence levels both in small business and other surveys that show there’s continued confidence in the market.”|