Trump says the stock market is 'starting to look very good' after the Dow plunged over 1,000 points amid coronavirus fears

Joseph Zeballos-Roig

February 24, 2020 11:28 PM

Trump tweeted that the "stock market is starting to look very good to me" on a day the Dow plunged over 1,000 points.

donald trump

"The Coronavirus is very much under control in the USA," Trump said on Twitter.
The comments come as the Trump administration prepared to ask Congress for an emergency spending package to combat the spread of the coronavirus.
Visit Business Insider's homepage for more stories.

President Trump said in a Monday afternoon tweet that the "stock market is starting to look very good to me" on a day the Dow plunged over 1,000 points, largely over fears of the spreading coronavirus.

"The Coronavirus is very much under control in the USA," Trump said on Twitter. "We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!"

Yet the Dow Jones industrial average closed 1,031 points lower by the end of Monday as result of snowballing alarm over the disease. Trump, a well-known germaphobe, has kept the issue at arm's length so far, the New York Times reported.

The president reportedly grew furious when he learned 14 Americans who tested positive for the virus were allowed back into the country, according to The Washington Post . He's concerned that an accelerating outbreak of the virus could hurt the economy and therefore his odds at reelection.

New deaths in Italy and South Korea in recent days increased alarm among investors about the spread of the virus, and economists started cutting their projections for global growth.

Adam Vettese, an analyst at investment platform eToro, recently wrote in a note for clients that the coronavirus "could be the most disruptive thing to hit markets in many years."

Originating in China, the coronavirus has killed over 2,600 people and spread to at least 28 countries since November. Nearly three dozen cases coronavirus cases have been confirmed in the US so far.

The Trump administration is preparing to ask Congress for an emergency funding package to combat the coronavirus, Business Insider's Gina Heeb reported.

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!