Treasury Secretary Steven Mnuchin downplayed the past few days' wild stock market plunges and gyrations on Tuesday, saying the economy is poised for long-term growth.
"We’re monitoring the stock markets — they’re functioning very well, and we continue to believe in the long-term impact of the stock markets," Mnuchin said in questioning before the House Financial Services Committee.
Stocks plunged Friday and Monday, when the Dow Jones industrial average registered the largest-ever one-day decline in terms of points. Stocks also opened steeply down Tuesday before recouping losses.
Mnuchin noted, however, that stock markets are up around 30 percent since President Trump's election.
"We’re very focused on the long-term economic growth and we believe that the policies we’ve enacted ... are very positive for long-term growth," he said.