The Dow experienced its worst plunge since February on Wednesday dropping more than 800 points putting Wall Street in line for its worst day in eight months. Asian markets slumped as a result of the major Dow drop on Wednesday. The stock market drops were caused by worries about trade tensions and bond markets.
After Treasury Secretary Steve Mnuchin said he was optimistic China and the US can avert trade war, stocks climbed making yesterday the best market day since 2015. The tensions between China and the US stem from Beijing’s Made in China 2025 plan. The Trump Administration opposes the goal of dominant Chinese companies in advanced industries.
In a commencement address at the Coast Guard Academy Trump used the platform to tell graduating cadets that no other president has ever been treated more “unfairly” than he had. The speech began as an inspirational talk on the war on drugs but quickly the topic turned to talking about himself starting by saying “you will find that things are not always fair,” Trump did not directly address news that had been circulating about him during the past week, instead he was clearly eager to defend himself, using the second half of his speech as what could loosely be termed as ‘advice’ for the graduating cadets.
If the allegations against Trump ring to be true, this may constitute grounds for impeachment, which is not as far-fetched now as it was when he was first elected. Because of Trump, stocks in Wall Street have also fallen by -1.8% it’s lowest since the election, leaving investors rattled at the recent episodes.
The Senate Intelligence committee has also invited Comey to testify on reports that Trump had asked him about the investigation on Flynn.