White House says 'very comfortable' with economy despite market volatility

President Donald Trump speaks on tax policy during a visit to Sheffer Corporation Monday Feb. 5 2018 in Blue Ash Ohio

It is pretty unusual to have the White House make any statements about the movements of the stock market unless they are particularly positive or downright frightful. The administration's policies "are very positive for long-term economic growth", he said at a hearing of the House Financial Services Committee.

The president took credit for the unprecedented run-up of the stock market since his election, and his political foes are trying to pin the blame on him for the downturn.

Late Monday, White House Press Secretary Sarah Sanders also commented on the stock market drop in a statement to reporters.

"Overall, we are not convinced that this is the start of a major correction in the stock market, as the fundamentals remain healthy for now", he said. And they do that for a number of reasons. "But the fundamentals of this economy are very strong and they're headed in the right direction". That was a continuation of a fall from Friday, which saw the Dow close down just under 666 points. "The President's tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people". Analysts point to rising wages as the proximate cause of the market dip and as the canary in the coal mine that signals long-anticipated inflation (demonstrating once again that labor and capital are often at odds in our economic system).

A President who ties too much of his own success as President to what goes on in the stock market runs the risk of getting egg on his face. "It's still exorbitantly higher than it was when he took office".

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With a 1,175-point dive, the stock market on Monday delivered the largest single-day point drop in the market's history.

But Nicholas Colas, co-founder of Datatrek Research, said the pullback signifies that "the narrative around the USA equity market has entered a new phase" from the prevailing story line until now of slow and steady U.S. growth. "Unemployment, nationally, is at 4.1%".

The market's two-day dive has reintroduced volatility into United States markets, something that was nearly completely absent from trading throughout 2017 and in the first weeks of 2018, which were especially heady amid the euphoria after Trump's tax cuts were enacted in December.

Gene Sperling, a top economic adviser to Democratic former presidents Bill Clinton and Barack Obama, said Trump erred in recent months by focusing so heavily on the stock market.

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