The White House downplayed a sharp turn in the stock market, arguing that the Biden administration is focused on trends in the economy, “not any one day and any single indicator.”
“Unlike his predecessor, the president does not look at the stock market as a means by which to judge the economy,” press secretary Jen Psaki told reporters on Monday when asked about a fall in the Dow Jones Industrial Average.
Stocks suffered significant losses on Monday, with the Dow Jones Industrial Average at one point down more than 1,000 points and the S&P 500 in correction territory, but bounced back by the time the markets closed. The Dow was up 0.29% by the end of the day. The market volatility comes amid concerns over inflation, interest rate hikes, and increasing geopolitical tensions.
Psaki noted that the market was up about 15% since the president took office after losses during the coronavirus pandemic.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“But our measure of success is really how real working families are doing, whether they have a little breathing room, whether they have a job that delivers some dignity and a paycheck that they can support a family on, and we’ve seen a great deal of progress made on that front,“ she said.
The White House has faced criticism over its handling of inflation and supply chain bottlenecks.
