Trump Blames Democrats for Sharpest One-Day Stock Market Drop in Recent Memory
Following a historic midterm defeat, the president posted on social media that the market's steep decline was the direct result of Democratic victories in key states.
By Alina Campbell ·
President Donald Trump attributed the stock market’s sharp decline on Thursday to the recent midterm election results. The Dow Jones Industrial Average lost 1,833 points during trading hours. This represented a drop of more than 2,100 points from the opening bell.
The downturn followed a strong rally on Wednesday. The Dow had gained 1,104 points on that day after Democrats secured control of both chambers of Congress. The Nasdaq composite fell by approximately 1,422 points on Thursday, while the S&P 500 dropped by 335 points.
In a late-night post on Truth Social, Trump wrote that the market crashed because Democrats had a successful Tuesday. He added, "you only have yourselves to blame!" In a follow-up message, the president described the day as one of the worst in history based on election results. He noted that it had taken significant effort to reach previous market highs.
Democrats took control of the House and Senate for the upcoming term on Tuesday. They achieved victories in battleground states including Texas, Iowa, Ohio, Maine, Michigan, and Kansas. Many candidates campaigned on affordability issues during the race.
Recent polling data indicates that cost-of-living concerns were a primary focus for voters. A Reuters/Ipsos poll found that 48 percent of respondents ranked this issue as their most important factor in selecting a candidate. A separate Gallup survey conducted last month showed that nearly half of respondents considered the economy an extremely important factor before voting.
Vice President JD Vance also commented on the election results on the social platform X. He identified the ongoing conflict with Iran as a major reason for Republican losses, though he also cited cost-of-living issues. Some Democrats responded to his comments by arguing that he had supported the administration’s military operations in the Middle East.
On Friday, Trump shifted his attention to artificial intelligence, which he has termed "superintelligence." He stated on Truth Social that he is 100 percent in favor of the technology. He pledged to work with states seeking to utilize AI data centers to increase their wealth.
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