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White House says economic fundamentals 'strong'

White House says economic fundamentals 'strong'

Though Trump's approval ratings have improved, to the low 40% range in some recent polls, he remains in a position that historically has been perilous for presidents in midterm polls.It's always possible stocks could go back on a tear in the weeks to come.

Before the President's speech Raj Shah, the deputy press secretary for the White House, admitted "markets do fluctuate in the short term" but said "the fundamentals of this economy are very strong".

He has stayed silent in the face of market gyrations over the past week. "The worst news for Democrats is that the market and the stock market is really not that important to mainstream America". Analysts point to rising wages as the proximate cause of the market dip and as the canary in the coal mine that signals long-anticipated inflation (demonstrating once again that labor and capital are often at odds in our economic system). During his speech, he brought up individuals to explain how they'll be spending their new money, accused Democrats of treason for not cheering him at the State of the Union and claimed they "caught them" with the Nunes memo.

And conservative media commentators have largely played along.

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"Number one, the Trump stock market rally, it rolls on", Varney told "Fox & Friends".

While there could be various factors behind the market's volatile plunge the last several trading days, Trump has frequently credited himself for the market going up, seemingly with little regard for the fact that it can also move in the other direction.

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

"The President's tax cuts and regulatory reforms will further enhance the US economy and continue to increase prosperity for the American people", she added.