Staff Reports
Well, well, well, here we go again folks! President Joe Biden sure knows how to jinx the stock market with his big talk. Just 72 hours after he took to the Twitter to brag about the stock market gains as a “sign of confidence in the American economy,” the stock market took a nosedive like a lead balloon!
Yeah, you heard it right! The Dow Jones went plummeting down, down, down, shedding off hundreds of points and wrapping up its worst day since March 2023. Looks like President Biden’s so-called “confidence” has turned into a confidence crisis!
Stocks Plummet After Biden Bragged Markets Were 'Going Strong'
https://t.co/3V7fapAi25— Townhall.com (@townhallcom) February 13, 2024
According to CNBC, that market which Biden was boasting about as a sign of America’s economic strength lost a whopping 524.63 points, closing at 38,272.75 in its worst session since March 2023. The S&P 500 also took a hit, sliding 1.37%, and the Nasdaq Composite fell 1.8%. It’s like they say, what goes up must come crashing down – thanks, Biden!
And let’s not forget about the Russell 2000, which suffered a nearly 4% tumble for its worst session since June 2022. Looks like Biden’s economy has got everyone feeling the blues, huh?
But what goes up too fast, must come crashing down even faster, and that’s exactly what happened after the morning brought January’s Consumer Price Index (CPI) report. It showed a surge in inflation that was hotter than anyone expected. Both headline and core CPI numbers for January were above the Federal Reserve’s target inflation rate of just 2.0 percent. Looks like Biden’s spending spree and reckless economic policies are finally catching up to him, huh?
