Donald Trump is manipulating the stock market again
After a devastating two thousand point drop yesterday, the Dow Jones tried to bounce back today. It succeeded in that goal, starting the day strong and ending it strong, gaining back a little more than half the previous day’s losses in the process. Here’s the thing though.
At 10:00am eastern time, the Dow Jones was at around 24,660. At that point Donald Trump posted a pair of tweets attacking the job that Fed Chair Jay Powell was doing. The stock market thinks a lot more of Powell than it does of Trump, so whenever Trump does this, the market sells off. By 11:30am, it was down to about 23,800. Then investors shook off Trump’s tweet, and finished the day at 25,020.
On a day where the stock market was desperate to go up, Donald Trump’s tweet created one heck of a short term buying opportunity – especially if anyone knew when Trump’s damaging tweet was going to happen. So it once again raises the question. Does Trump post stupid market-manipulating tweets just because he’s an idiot, or is Trump manipulating the market on purpose so his buddies can buy into it? This kind of insider trading would be a serious crime.
