The Dow's drop pushed the index below the level where it closed the day before Trump took office in as part of a historic sell-off.
But the Dow's 1,500-point, 7% drop on Wednesday pushed the 30-stock index below the level where it closed the day before Trump took office in January 2017 as part of a historic market sell-off that's wiped out years of gains in a matter of weeks.The index, however, is still more than 1,000 points, or 7%, above where it closed the night of the 2016 presidential election as investors bought in anticipation of his business-friendly policies.
But Trump's fixation on day-by-day stock market is hardly new: Less than one month into his presidency he told his Twitter followers that equities had reached a new all-time high. To be sure, the Dow is still about 1,400 points above where it traded the night before Trump beat Democrat Hillary Clinton as the president has achieved a lot of what he promised during his campaign. The Dow would need to fall nearly 1,400 points, another 7%, to erase all of its gains since his election. The Dow is up 7.6% since his election.
The president has largely come through on his promises to lower the corporate tax rate and ease regulations on many of the nation's largest companies. Trump and Republican lawmakersin late 2017 that cut the rate U.S. corporations pay to 21% from 35%.
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