On Monday, the stock market had it’s first bad day in a long time.
From Fox News:
The long, smooth, record-setting ride on Wall Street is over. The stock market pullback that experts had been saying was long overdue has finally come.
Investor fears about higher interest rates escalated into rapid, computer-generated selling Monday that wiped out all the market’s gains for the year. At one point, the Dow Jones industrial average dropped 1,000 points in less than an hour, and it ended with its worst day in more than six years. The Standard & Poor’s 500 is now down nearly 8 percent from its record high, set a little more than a week ago.
Market professionals warn that the selling could continue for a bit. But many are also quick to say they see no recession looming, and they expect the strengthening global economy and healthy corporate earnings to help stock prices recover.
Then, something strange happened.
The liberals who have been telling us that Trump deserves no credit for the strong stock market immediately changed their tune and started blaming Trump for this dip.
Not only that, they went completely off the deep end in the process.
From The Daily Caller:
Former President Barack Obama’s press secretary Jay Carney made a totally false claim about how Obama talked about the stock market on Monday.
Carney claimed that under Obama, “we NEVER boasted about the stock market.”
Uh. Yeah. That’s not true.
Jay Carney. Remember that guy? What a disaster he was as press secretary.
We’ve seen some other fun lies as well.
Liberal networks have been touting Monday’s crash as the biggest drop in history.
That’s false as well.
Here’s more on what actually happened.
The Dow Jones industrial average fell by 1,175 points on the stock market today, plunging nearly 1,600 points at session lows. Those were the worst one-day and intraday point losses ever for the blue-chip index, something trumpeted across most financial media.
But in percentage terms — and that’s how you should look at it — the Dow had a very bad day, but hardly historic.
Because the Dow, S&P 500 index and Nasdaq composite have run up so much in the long bull market, comparing today’s point losses to earlier eras isn’t relevant. Percentage changes offer a better comparison.
The Dow’s 4.6% loss on Monday was the worst since August 2011. But it didn’t even crack the top-20 of all-time losses. It was just the 25th worst loss since 1960.
Obviously, the drop wasn’t ideal.
But it wasn’t even remotely what the media is trying to pretend it is.
[Note: This post was written by Andrew Mark Miller]