Who Trump’s Blaming for Today’s Ugly Stock Market Nosedive

  • Stocks plunged on Thursday, headlined by the Dow’s nearly 200 point setback.
  • President Trump railed against the “Impeachment Hoax” and Federal Reserve.
  • However, analysts say the stock market is reacting to weightier concerns.

The stock market suffered a substantial setback on Thursday, priming the Dow, S&P 500, and Nasdaq for a disappointing end to a relatively optimistic month.

Donald Trump’s latest trade war tease failed to prevent the dam from breaking, and the president huffed off to Twitter to rage against the foes that he blames for today’s downturn.

The Dow (blue) and S&P 500 (black) headlined today’s stock market nosedive. | Source: Yahoo Finance

Trump Blames ‘Impeachment Hoax’ & Fed for Market’s Halloween Haunting

Trump directed his fire at two familiar foils, including the “Do Nothing Democrats” and their “Impeachment Hoax.”

House lawmakers voted today to formalize the Democrat-led impeachment inquiry, and the president identified this development as one major factor “hurting our Stock Market.”

It’s still unclear whether investors actually care about the impeachment probe, however, and historical data is too limited to provide much convincing insight. The crux of the matter still hangs on whether the inquiry ends up being fan-service to the Democratic base or enough Republican senators cross the aisle to make removal from office a viable scenario.

Earlier, Trump took aim at another group of his favorite “enemies,” Jerome Powell and the Federal Reserve. On Wednesday, the Fed adopted a third straight interest rate cut, and Powell appeared to signal to Wall Street that there won’t be any more easing heading down the pike.

With a new target range of 1.5% to 1.75%, interest rates are historically low, but Trump has long advocated for the US central bank to mimic its European peers and drive rates into negative territory.

But if neither the impeachment vote nor the Fed is driving equities lower today, what’s…

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