On Saturday, President Biden shared a message on X saying the “good news” to start the weekend is “The stock market going strong is a sign of confidence in America’s economy.”
Just three days later, the Dow tumbled 500 points for the worst day in 11 months.
The official RNC Research account shared a side-by-side look at Biden’s tweet and the news on X.
FRIDAY: "The stock market going strong is a sign of confidence in America's economy," Biden says.
TODAY: "Dow tumbles 500 points, posts worst day" in 11 months. pic.twitter.com/deUOTguItE
— RNC Research (@RNCResearch) February 13, 2024
From Fox News:
The S&P 500 was down 1.9% in late trading as traders delayed their forecasts for when the Federal Reserve will deliver the cuts to interest rates they crave so much.
The hotter-than-expected inflation report may have put the final nail into hopes that the first cut could arrive in March. It also pushed many forecasts past May into June, according to data from CME Group.
The Dow Jones Industrial Average dropped 731 points, or 1.9%, from its record set a day earlier.
The Nasdaq composite, which has been flirting with its all-time high set in 2021, was down 2.2%, with an hour remaining in trading.
Despite the bad news on Wall Street, Biden remains optimistic about the economy.
“Today’s data shows that wage growth has been the strongest of any economic recovery in 50 years – and inflation declined two thirds from its peak,” he posted on X. “I’ll continue to fight to lower costs for middle class families and stand in the way of Congressional Republicans who disagree.”
Today’s data shows that wage growth has been the strongest of any economic recovery in 50 years – and inflation declined two thirds from its peak.
I'll continue to fight to lower costs for middle class families and stand in the way of Congressional Republicans who disagree.
— President Biden (@POTUS) February 13, 2024
More over at Fox News:
BREAKING: Biden's tweet touting economic gains haunt him as Wall Street sees sharp declineshttps://t.co/HXjYmni9qs
— Fox News (@FoxNews) February 13, 2024
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