President Donald Trump on Monday said the stock market would “take care of itself” as the Dow Jones Industrial Average plunged nearly 3,000 points.
“The market will be very strong as soon as we get rid of the virus,” Trump said at a White House briefing, where he acknowledged the U.S. could be heading into a recession as the economy grapples with the crisis caused by the coronavirus outbreak. He said the best thing to do for stock markets is to get through the pandemic.
He predicted what he called a “tremendous surge” in the economy after the virus is controlled.
Trump spoke as the administration unveiled new guidelines, including avoiding gathering in groups larger than 10 people and curbing unnecessary travel.
Trump held separate discussions Monday with his fellow leaders of Group of Seven member states and U.S. governors, pledging to work together on a coronavirus response but also asking for individual steps to be taken.
A joint G-7 statement said leaders would use all fiscal and monetary-policy tools to support workers and companies most affected by the pandemic. The leaders said their countries would cooperate on developing a vaccine for the deadly virus.
“Respirators, ventilators, all of the equipment — try getting it yourselves,” Trump told the governors during the conference call, according to the New York Times. “We will be backing you, but try getting it yourselves. Point of sales, much better, much more direct if you can get it yourself,” Trump said.
Larry Kudlow, the top White House economist, told reporters Trump was “very calm” about the stock market after the president participated in the G-7 call. On Sunday, Trump praised the Federal Reserve after it moved to cut a key interest rate to near-zero and buy billions of dollars’ worth of bonds.
On Monday, however, stocks dropped further, with the Dow Jones Industrial Average plummeting 13% as state governments ordered closures of businesses, including restaurants, and limited the size of gatherings.
This article originally appeared on MarketWatch.
