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Live by the Dow. Die by the Dow.

On Monday, the Dow Jones Industrial Average ...

Posted: Feb 6, 2018 9:24 AM
Updated: Feb 6, 2018 9:24 AM

On Monday, the Dow Jones Industrial Average plummeted 1,175 points, the single largest point decline in the history of the market.

The White House response? Something like this:

"Look, markets do fluctuate in the short term, we all know that and they do that for a number of reasons," said White House spokesman Raj Shah. "But the fundamentals of this economy are very strong and they are headed in the right direction, for the middle class in particular."

Which is a TOTALLY reasonable argument to make. Focusing on any one day -- or even one week -- of stock market performance is akin to standing six inches away from a picture and trying to define what is depicted.

Except...

Trump has, repeatedly, taken credit for each and every rise in the stock market since coming into office last January.

"You take a look at what's going on with the stock market," he said in February 2017. "Trillions of dollars of value have been created since I won the election - I mean trillions."

Or this tweet from last summer: "Stock Market could hit all-time high (again) 22,000 today. Was 18,000 only 6 months ago on Election Day. Mainstream media seldom mentions!"

Using the stock market as the leading proof point of your economic successes is a fool's errand. As any economist will tell you.

But that's just what Trump has spent the past year doing. Which means he has to own the bad days, like today.

The Point: Trump's reliance on the rising stock market was always fraught with political peril. He now has to hope that there aren't too may more days like this to come.

Read Monday's full edition of The Point.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 310885

Reported Deaths: 6955
CountyConfirmedDeaths
Los Angeles1274393744
Riverside24765537
Orange22650412
San Diego18863420
San Bernardino18275304
Imperial7759132
Fresno762787
Alameda7485147
San Joaquin627968
Kern619597
Santa Clara5863166
Tulare5678152
Sacramento515279
Contra Costa446088
Stanislaus436450
San Francisco431650
Ventura409353
Santa Barbara386829
San Mateo3846112
Marin336430
Kings285539
Monterey241918
Solano207528
Merced179312
Sonoma156114
Placer102111
San Luis Obispo9054
Madera8578
Yolo83928
Santa Cruz5373
Napa4774
Butte3384
Sutter3374
San Benito3112
El Dorado3070
Lassen2610
Shasta1766
Humboldt1654
Glenn1640
Nevada1631
Yuba1633
Lake1081
Mendocino1070
Colusa1030
Tehama981
Calaveras670
Tuolumne640
Del Norte600
Mono491
Siskiyou410
Amador360
Inyo341
Mariposa311
Plumas170
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
95° wxIcon
Hi: 103° Lo: 67°
Feels Like: 95°
Oroville
Clear
97° wxIcon
Hi: 104° Lo: 68°
Feels Like: 97°
Paradise
Clear
95° wxIcon
Hi: 96° Lo: 69°
Feels Like: 95°
Chester
Clear
89° wxIcon
Hi: 87° Lo: 53°
Feels Like: 89°
Red Bluff
Clear
98° wxIcon
Hi: 105° Lo: 68°
Feels Like: 98°
Willows
Clear
95° wxIcon
Hi: 107° Lo: 64°
Feels Like: 95°
A hot week will transform into an even hotter weekend over northern California as high pressure stays in control of our weather. No rain is in the forecast, but it will cool a bit by late next week.
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