Day 1,152: And that’s why Trump bragging about a one-day stock market surge was the epitome of stupidity

Donald Trump spiked his metaphorical football with an emphatic stock market tweet on Saturday.

It was boneheaded at the time considering the late rally couldn’t save the market from one its worst weeks ever.

And it looks even dumber 48 hours later.

The Dow Jones dropped 2,997 points Monday, its largest point drop in history by a wide margin. (Trump has been in office for the 14 largest point drops in history.) From a percentage standpoint, Monday’s 12.93% plummet was the second worst ever, even worse than Black Tuesday in 1929. The S&P 500 and Nasdaq had similar plunges this Monday, dropping 11.98% and 12.32% respectively.

The Dow closed as 19,827 the day Trump was inaugurated. Thirty-nine months later, the Dow currently sits at 20,188, a rise of less than 2%.

With the coronavirus continuing to wreak havoc on the world, the markets may not have hit rock bottom yet. They have largely been reactive not only to the outbreak itself but also the Trump administration’s horrific and delayed response through the first two months of the disease’s appearance.

Maybe next time the markets see a one day surge, Trump will remind himself how fleeting these things can be.

1,152 days in, 310 to go

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