Fox News downplays stock market mayhem after months of trumpeting the Dow's success under Trump

Astrid Stawiarz/Getty Images‘Fox & Friends’ hosts
  • Fox News hosts and analysts spent Tuesday morning arguing that Monday’s stock market meltdown is irrelevant to average Americans.
  • The network has spent months promoting the Trump administration’s claim that the market’s health is a result of the president’s policies and promises.

Fox News hosts shifted their rhetoric around the stock market on Tuesday morning following the Dow Jones industrial average’s largest single-day drop in history on Monday.

For months, the network’s conservative analysts have attributed the stock market’s steady climb to President Donald Trump’s policies and promises and have celebrated the market’s health as an economic boon to regular Americans.

But on Tuesday, the hosts argued that the dramatic drop – the Dow fell as much as 1,500 points on Monday – is both irrelevant to the average American and a sign that wages are rising.

Liz Peek, a financial commentator, argued on “Fox & Friends” that the market’s plummet can be attributed in part to a slight increase in wages reported this month.

“In fact, we should be celebrating the things that the market is so anxious about: wages are going up … because the economy is gaining steam,” Peek said. “The worst news for Democrats is that the market and the stock market is really not that important to mainstream America. What is important is rising wages.”

Fox Business host Stuart Varney told “Fox & Friends” on Tuesday that Democrats are attempting to blame the president for the market’s volatility.

“The left is spinning this because they really want to associate President Trump with anything negative,” he said.

But the president has consistently taken credit for the stock market’s rise since his election and has trumpeted it as an indicator of the broader health of the US economy.

“The reason our stock market is so successful is because of me,” he told reporters on Air Force One in November.

And conservative media commentators have largely played along. Last July, six months into Trump’s presidency, Varney argued that Trump’s election was responsible for adding trillions of dollars to the economy and lifting the wages of low-income workers. He cited the rising value of the market as Trump’s crowning economic achievement.

“Number one, the Trump stock market rally, it rolls on,” Varney told “Fox & Friends.” “Since his election, starting on November the 9th of last year, the stock market has gained in value $US4.1 trillion.”

Varney argued that the market boom was based on predictions of what Trump’s policies would do for the economy.

“Investors think that if we get some form of tax cut, this economy will expand at a 3% rate or better and this market will go to 21,000 or higher,” he said. “It’s based on the hope of what the Trump presidency could do for our economy and our country and it’s dependent upon the Republican Party to come through for our president.”

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