--- title: Stock Market Crash: White House Responds to Historic Drop description: White House press secretary Sarah Huckabee Sanders issued a statement in response to a historic Dow Jones industrial average plunge canonical: https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/ author: Aric Jenkins article:opinion: false article:content_tier: free article:published_time: 2018-02-05T23:46:23.000Z article:modified_time: 2026-10-12T08:56:40.046Z article:section: Politics og:title: White House Responds to the Historic Dow Jones Plunge og:description: The White House remains confident despite a historic drop in the market og:url: https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt95be6752bdd4fc1e/6988f96ae76ad223b0630c02/gettyimages-9059308141.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 4000 og:image:height: 2250 og:image:alt: U.S. President Donald Trump's First Year In The Oval Office og:type: article twitter:card: summary_large_image twitter:title: White House Responds to the Historic Dow Jones Plunge twitter:description: The White House remains confident despite a historic drop in the market twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt95be6752bdd4fc1e/6988f96ae76ad223b0630c02/gettyimages-9059308141.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # White House Responds to Historic Dow Plunge: 'Focus Is on Our Long-Term Economic Fundamentals' > Sponsored content. 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Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=522f2923-353a-408c-8602-49a24661cfba&cr=time-nl-network-2026q3-v1) ## Video: Trump's First State of the Union Address In 4 Minutes [Watch (HLS stream): Trump's First State of the Union Address In 4 Minutes](https://cdn.jwplayer.com/manifests/TgeSYnJ0.m3u8) (3:39)  _Published 2018-01-31. Trump's First State of the Union Address In 4 Minutes_ by [Aric Jenkins](https://time.com/author/aric-jenkins/) ## Aric Jenkins Feb 5, 2018 11:46 PM UTC Trump's First State of the Union Address In 4 Minutes by [Aric Jenkins](https://time.com/author/aric-jenkins/) ## Aric Jenkins Feb 5, 2018 11:46 PM UTC White House press secretary Sarah Huckabee Sanders issued a statement Monday in response to a [historic Dow Jones industrial average plunge](http://time.com/5134292/dow-jones-point-drop/), which resulted in the biggest one-day point drop in the stock index’s history. “The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers,” Sanders said in the statement. “The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people,” she added. Monday’s stock plunge was the worst in six and a half years, with the Dow sinking by more than 1,100 points, despite President Trump’s [repeated insistence](http://time.com/4949658/donald-trump-stock-market/) that the economy is thriving under his leadership. “What was driving the market up in January?” Brad McMillan, chief investment officer for Commonwealth Financial Network, [said to Bloomberg.](http://fortune.com/2018/02/05/stock-market-plunge/) “It wasn’t the fundamentals, as good as they were, it was excessive confidence.” Last week during his [State of the Union address](http://time.com/5125426/watch-donald-trump-state-of-the-union-recap/), Trump said that “the stock market has smashed one record after another, gaining $8 trillion in value.” He has frequently commented on market gains throughout the first year of his presidency on Twitter as well. “Business is looking better than ever with business enthusiasm at record levels,” Trump [tweeted](https://twitter.com/realDonaldTrump/status/893081237082001409) in August. “Stock Market at an all-time high. That doesn’t just happen!” ## Transcript [00:00] Let's begin tonight by recognizing that the state [00:04] our union is strong because our people [00:08] are strong. [ APPLAUSE ] [00:13] We have created 2. 4 million new jobs. [ APPLAUSE ] [00:16] Including [ APPLAUSE ] including 200, 000 new jobs in [00:17] manufacturing alone. And just as I promised the [00:22] American people from [00:27] this podium 11 [00:31] months ago, we enacted the [00:35] biggest tax cuts and reforms in American history. [00:40] Since we passed tax cuts, roughly three million workers [00:44] have already got tax cut Bonuses. Many of [00:48] them thousands and thousands of dollars per worker [00:52] and it's getting more every month every week. Apple [00:57] has just announced the plans to invest a total of $ 350 [01:02] billion in America. And hire another 20, 000 [01:07] workers. The era of economic surrender is [01:11] totally over. From now on we expect trading [01:15] relationships to be fair and very importantly, [01:20] reciprocal. I am asking both parties to come together [01:24] to give us safe, fast, reliable, and modern [01:27] infrastructure. That our economy needs and our [01:30] people deserve. Tonight I'm calling on Congress to [01:33] produce a bill that generates at least, $ 1. 5 [01:38] trilion for the new infrastructure investment that [01:43] our country so desperately needs. This in fact is our [01:47] new American moment. There has never been a better [01:51] time to start living the American dream. Because [01:54] Americans are dreamers too. The first paragraph [01:59] about framework generally offers a path to citizenships [02:05] for 1. 8 million illegal emigrants. Who were brought [02:09] here by their parents at a young age. [ APPLAUSE ] [02:12] Under our plan, those who meet education and work [02:16] requirements, and show good moral character, will be [02:19] able to become full citizens of the United States over a [02:23] twelve- year period. As part of our defense [02:28] We most modernize and rebuild our nuclear arsenal. [02:33] Hopefully, never having to use it but making it so [02:37] strong and so powerful that it would deter any [02:42] acts of aggression but no regime. Has [02:46] oppressed it's own citizens more totally, more brutally, [02:51] than the cruel dictatorship in North Korea. North [02:56] Korea's reckless pursuit of nuclear missiles could [03:00] very soon threaten our homeland. We are waging [03:04] a campaign of maximum pressure. To prevent [03:09] that from ever happening. I am proud to report that [03:13] the coalition to defeat ISIS has liberated very [03:17] close to 100 % of the territory just [03:21] recently held by these killers in Iraq and [03:26] in Syria, and in other locations, as well. [ APPLAUSE ] [03:40] [ APPLAUSE ] [03:51] But there is much more work to be done. We will [03:55] continue our fight until ISIS is defeated. [ APPLAUSE ] [04:01] We will never fail. [04:03] Our families will thrive. Our people will [04:07] prosper. And our nation Will forever [04:12] be safe, and strong, and proud, and mighty, and free. [04:17] Thank you, and God bless America. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/"},"headline":"White House Responds to Historic Dow Plunge: 'Focus Is on Our Long-Term Economic Fundamentals'","datePublished":"2018-02-05T23:46:23.000Z","dateModified":"2026-10-12T08:56:40.046Z","description":"The White House remains confident despite a historic drop in the market","url":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/","keywords":["White House","onetime"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt95be6752bdd4fc1e/6988f96ae76ad223b0630c02/gettyimages-9059308141.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Aric Jenkins","jobTitle":null,"url":"https://time.com/author/aric-jenkins/"}],"articleSection":"Politics","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt95be6752bdd4fc1e/6988f96ae76ad223b0630c02/gettyimages-9059308141.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"U.S. President Donald Trump's First Year In The Oval Office","caption":"U.S. President Donald Trump's First Year In The Oval Office","creditText":"Andrew Harrer—Bloomberg/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://time.com/section/politics/","name":"Politics"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/tag/white-house/","name":"White House"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/","name":"White House Responds to Historic Dow Plunge: 'Focus Is on Our Long-Term Economic Fundamentals'"}}]},{"@context":"https://schema.org","@type":"VideoObject","name":"Trump's First State of the Union Address In 4 Minutes","description":"Trump's First State of the Union Address In 4 Minutes","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/TgeSYnJ0/poster.jpg?width=720","uploadDate":"2018-01-31T05:15:22.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/TgeSYnJ0.m3u8","embedUrl":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/","duration":"PT3M39S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/5134599/donald-trump-dow-jones-stock-market-crash/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}}] ```