“Until now, Trump’s had kind of a free ride in this market and taken so much credit for it, even though so much of it was due to easy-money policies from Janet Yellen and the Fed. In an interview with CNN, Hogan Gidley, another White House deputy press secretary, said that despite Trump's taking credit for the rise, the drop should not be pinned on the president. A global market sell-off accelerated Monday with the Dow Jones Industrial Average plunging nearly 1,600 points at one point in roller-coaster afternoon trading. “Further, history has shown the market capable of making it through such corrections and going on to positive returns for the full year period, particularly in cases of ongoing expansions.” 
 
 The market may indeed quickly reverse course in the coming days and go on to move higher over the course of the year, allowing to Trump to start bragging again and possibly aiding Republicans in their efforts to tout the tax-cut bill and limit potential losses in the midterm elections. Story Continued Below 
 
 It was the largest ever single-day point drop for the Dow and it rattled both Wall Street and Washington, abruptly ending a remarkable period of placid markets where it often seemed the only direction was up. Instead, Trump bragged about the gains at every opportunity on Twitter and even in his State of the Union address. More: Dow plunge briefly tops 1500 points as stock rout intensifies 
 
 "The stock market has smashed one record after another, gaining $8 trillion in value," the president proudly stated. And if the recent jump in hourly wages gets pushed up even more by corporations handing out bonuses and pay bumps in the wake of the tax bill, the Fed may be forced to move faster to fight inflation — offsetting the economic benefits of the tax cuts. Most explosive Stock Market rally that we’ve seen in modern times. All Trump, not 0... — Donald J. Trump (@realDonaldTrump) January 14, 2018 
 
 Jan. 5, 2018: 
 
 "Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record," Trump tweeted. President Donald Trump has long cited stock market gains as evidence of the positive effect of his presidency on the economy, even going as far as to call the stock market a good report card for his job performance. Last week’s decline alone wiped out nearly $1 trillion in that value, according to S&P Dow Jones Indices. “Presidents historically haven’t commented on the stock market anywhere near as much as President Trump has,” said Ed Yardeni, market analyst at Yardeni Research Inc. “I think Barack Obama said something in 2009 about how he thought stock prices seemed low, and that was about it. The Fake News Media barely mentions the fact that the Stock Market just hit another New Record and that business in the U.S. is booming...but the people know! That doesn't just happen!” he tweeted last August. “Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. — Donald J. Trump (@realDonaldTrump) November 7, 2012 
 
 And on Aug. 16, 2011, Trump said, "Amazing — Obama speaks, market goes DOWN — Trump tells CNBC he's buying stock — market goes up."
– President Trump himself hasn't addressed Monday's miserable day for the stock market, but two White House officials made a point to downplay the trouble and emphasize perspective. "Look markets do fluctuate," said deputy White House press secretary Raj Shah. "But the fundamentals of this economy are very strong." Press chief Sarah Huckabee Sanders said similarly that the "president's focus is on our long-term economic fundamentals, which remain exceptionally strong." As many outlets are now pointing out, Trump has repeatedly boasted of the booming stock market. In his recent State of the Union address, for example, he spoke of it smashing "one record after the other," notes USA Today, which rounds up several tweets from Trump with a similar sentiment. Despite Monday's 1,175-point loss, the Dow is still up 23% since Trump took office, reports Business Insider. But the rough day illustrates the danger of the president taking too much credit for the market's performance, notes Politico. “This is a risk that the president clearly set himself up for,” Charles Gabriel of Capital Alpha Partners tells the news site. “Until now, Trump’s had kind of a free ride in this market and taken so much credit for it, even though so much of it was due to easy-money policies from Janet Yellen and the Fed." Monday may have seen the biggest single-day point loss in the Dow's history, but in terms of percentage, the 4.46% loss is well below the 7% single-day drop of Sept. 29, 2008.