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Dow loses almost all that it gained during Trump's presidency

Published 03/18/2020, 07:31 PM
Updated 03/18/2020, 07:31 PM
© Reuters. The Dow Jones Industrial Average is displayed after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City

© Reuters. The Dow Jones Industrial Average is displayed after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City

By Noel Randewich

(Reuters) - As Wall Street extended its deep sell-off on Wednesday over fears about the coronavirus, the Dow Jones Industrial Average effectively erased the last of the once sizeable gains it made under U.S. President Donald Trump.

Trump's request for Congress to approve $500 billion in cash payments to taxpayers along with $50 billion in loans for airlines failed to stem the bleeding in the stock market, where the Dow Jones Industrial Average (DJI) tumbled almost 11% before partly recovering to end down 6.3%.

Trump has repeatedly boasted about and taken credit for the stock market's performance during his three years in office, including as recently as last Saturday after a strong rebound the day before. Trump has also warned that Wall Street would fall if a Democratic candidate wins the November presidential election.

By Wednesday's close, the Dow was up just 0.4% from where it was on Jan. 20, 2017, the day of Trump's inauguration. The Dow is still up almost 9% from when Trump unexpectedly won the presidential election on Nov. 8, 2016.

Measuring the stock market's performance under the Republican president beginning at his election date captures a surge immediately after he won, dubbed the Trump Bump, as investors became optimistic about Trump's promises to cut taxes and reduce regulations.

At its February peak, the Dow had surged more than 60% from Trump's election day.

The S&P 500, a broader measure of the U.S. stock market, tumbled 5.2% on Wednesday, leaving it up just 12% since Trump's 2016 election and up 6% from his inauguration. At its peak, the S&P 500 had gained 58% since Trump's election.

© Reuters. The Dow Jones Industrial Average is displayed after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City

Overall, the S&P 500 has slumped nearly 30% from its Feb. 19 peak and ended a bull market that began in 2009.

Latest comments

God is still god. And this will pass.
if trump didnt start trade war, perhaps this would not happen
Does that make you happy Noel?
I don't think this writer associates his name with the Christmas season at all, hence the slanted opinion.
It doesn't matter who was in office....they too would have been creamed
You are correct Zeus!
Sorry Johnnie. Get yer head outa yer... you know-
truth
Btfd!
you?
good time?
this article is very misleading as usual of leftist media, the SPY was at 2000 during the 2016 election, and then rallied nearly 20% after he won the election. the market ran all the way to 3400 under his policies, the only thing that has taken it down has been a virus from china which obliterated not just the US markets but the entire global economy in 1 month.
Well, put simply, he brings onto himself because he took all the credit on the way up- the rise had to do more with low interest rates. It was so overvalued it wsd bound ti crash sooner or later
 Did you ever notice, that its the fat rats that are the last to jump a sinking ship?
The media is worse than leftist! Its divisive and good jornalism is dead
Harsh but true...and it's not even bottomed out yet!
A Tiny Virus destroyed in three weeks everything that "The Great Trump" managed to build in three years! And this is just the beginning I am afraid  :-(
So Bossy, ya got the name right. You don't sound old enuf to vote. You're aware the "Democrat" party is partially responsible for the resist stuff? IF they were reasonable, decent people, they'd have worked with him assy least to the extent everyone worked with the big "O" and criminals that worked for him -
yes! I hope to God this market tanks to 20 year lows
because, you lost everything and desire this for others?
SAD!
Is anybody REALLY surprised by this?
no not really
Rhom, I am. I didn't think the committee regime would pull this. Been there lately?
Adrian gave me flak calling 'em commies-
More fake news!
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