Some 72 hours after President Joe Biden posted on X that recent stock market gains were a "sign of confidence in the American economy," the Dow Jones plummeted hundreds of points to log its worst day since March 2023 on Tuesday.
Here's the shot:
Good news for folks as we start the weekend. The stock market going strong is a sign of confidence in America’s economy. https://t.co/3nnSiVWOYP
— President Biden (@POTUS) February 10, 2024
And the chaser:
Dow tumbles 500 points, posts worst day since March 2023 after hot inflation report: Live updates https://t.co/6Y0ECMvty0
— CNBC (@CNBC) February 13, 2024
As CNBC noted in its report on the sudden souring of the market which, by Biden's standard, is a sign of a lack of confidence in America's economy:
The Dow Jones Industrial Average lost 524.63 points, or 1.35%, to close at 38,272.75 in its worst session since March 2023 on a percentage basis. At its lows, the 30-stock index sunk 757.52 points, or 1.95%. The S&P 500 slid 1.37% to close at 4,953.17, while the Nasdaq Composite fell 1.8% to settle at 15,655.60.
The Russell 2000 also suffered, tumbling nearly 4% for its worst session since June 2022.
As Townhall reported earlier on Tuesday, the morning brought January's Consumer Price Index (CPI) report which showed a "hotter than expected" surge in inflation. Notably, both headline and core CPI numbers for January were above the Federal Reserve's target inflation rate of just 2.0 percent, despite the Federal Open Market Committee's (FOMC) continued teasing that interest rates might be reduced in 2024. But Tuesday's report seems to have dashed those hopes, hence the market taking a dive.
