President Trump blamed the Democrats’ sweeping election gains for Thursday’s historic stock-market rout, which erased trillions of dollars in corporate value in a single session.
“The Stock Market suffered one of the Worst Days in History based on the results of the Election,” Trump wrote angrily on Truth Social.
“Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this,” the president continued. “Your 401(k)s have, therefore, dropped.
“Remember, it wasn’t Republicans, it was Dumocrats,” he added, using his nickname for the Democratic Party.
Despite the sharp losses, Trump said he expected the market to rebound soon.
“Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE,” he wrote. “MAKE AMERICA GREAT AGAIN!”
Companies listed on the S&P 500 and Nasdaq lost a combined $5.4 trillion in market value—the largest one-day decline on record—as investors worried that Democrats’ newly won House and Senate majorities could lead to tighter restrictions on artificial intelligence and data-center development.
The Dow Jones Industrial Average plunged 1,833 points, or 3.44%. The Nasdaq fell 5.52%, while the S&P 500 declined 4.36%.
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In a follow-up post, Trump repeated his assertion that the market had “crashed today because the Dumocrats had a big Tuesday.”
“So sad to see, you only have yourselves to blame!” he added.
Democrats captured more than 40 Republican-held House seats in Tuesday’s midterm elections, although dozens of races remained too close to call.
In the Senate, Democrats flipped seven seats. Contests in Mississippi and Alaska were still unresolved, though Democratic challengers held the lead in both races.
Stocks had surged the day after the midterms, with the Dow gaining more than 1,500 points as investors bet that divided government could benefit the economy.
Trump celebrated the rally by claiming that the market had “just hit another Record High — 91 Days in just a short period of time — Less than two years.”
“Your 401(k)s are through the roof. Record Setting All!” he wrote on Truth Social Wednesday.
