Trump focused on 'strong' fundamentals amid market sell-off

Agence France-Presse

Posted at Feb 06 2018 06:53 AM | Updated as of Aug 24 2018 12:55 PM

US President Donald Trump delivers remarks on his tax policy after a factory tour of the Sheffer Corporation in Blue Ash, Ohio, US Monday. Jonathan Ernst, Reuters

WASHINGTON - The White House said Monday that President Donald Trump was focused on the long-term health of the economy, claiming the fundamentals were "exceptionally strong," despite a strong market sell-off.

Wall Street stocks endured a brutal first session of the week, with the Dow seeing its steepest ever one-day point drop, wiping 4.6 percent off the value of America's 30 largest companies.

"The president's focus is on our long-term economic fundamentals, which remain exceptionally strong," said White House spokeswoman Sarah Sanders. 

She cited "strengthening US economic growth, historically low unemployment and increasing wages for American workers."

Since coming to office, Trump has repeatedly touted day-to-day stock market increases as evidence his administration is succeeding. The White House had dubbed it the "Trump bump."

Monday's crash comes after a sustained increase in share prices.

"The president's tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people," said Sanders.

But Wall Street stocks have been on shaky ground for the last week amid concerns over elevated Treasury bond yields and the likelihood of additional Federal Reserve interest rate hikes this year as the US economy strengthens.

During a speech in Ohio, Trump dropped his stock reference to the success in the market.