The White House said President Trump is focused on “long-term economic fundamentals” after the stock market took a steep dive on Monday.

“The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers,” White House press secretary Sarah Sanders said in a statement Monday. “The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people.”

The statement comes after the Dow Jones industrial average dropped 1,175 points at the time of closing. Earlier in the afternoon, it had dropped more than 1,500 points, which is the largest one-day drop in history, although not the largest percentage drop.

White House principal deputy press secretary Raj Shah said earlier on Monday that “markets do fluctuate short-term we all know that.” He also pointed out the “fundamentals of the economy are strong.”

The comments were made aboard Air Force One as he traveled with the president to Ohio for a tax reform speech.

Trump has often touted the strength of the stock market since he assumed office, but has not personally commented on the drop experienced Monday.