U.S. President Donald Trump has been briefed on Wednesday’s stock market sell-off, CNBC reported, citing a senior official, as the Dow Jones Industrial Average dropped more than 3 percent in one day and the S&P 500 marked its biggest daily decline since February.
“A senior White House official gives me this comment now: ‘This is a bull market correction. It’s probably healthy. This will pass and the US economy remains strong,” CNBC reporter Eamon Javers posted on Twitter.
Rising U.S. Treasury yields sent investors fleeing from risky assets, hitting technology stocks especially hard on Wednesday. The Dow Jones Industrial Average fell 3.15 percent, the S&P 500 lost 3.29 percent, and the Nasdaq Composite dropped 4.08 percent.
Trump often points to a strong economy and rising stock market as proof his tax and fiscal policies are working.
On Tuesday, he reiterated his criticism of the Federal Reserve for raising interest rates, saying that he does not want current economic growth to slow down “even a little bit.”