World

Mar 29, 2018

Trump Slump sets in as White House chaos unnerves investors

Rather than a Trump Bump, sharemarkets are undergoing an extended slump in response to the chaos of the Trump administration as he pours deficit stimulus into an already strong economy.

Glenn Dyer and Bernard Keane

Crikey business and media commentator / Politics editor

Stockmarket trading for March ends on Friday night around the world (and a day earlier where Easter is celebrated) but it is already clear that instead of riding the so-called "Trump Bump", as Trump apologists once claimed, markets around the world are facing some of their biggest losses for years. 

The Dow is down nearly 4.8% so far in March. The S&P 500, the key global measure for investors (all other markets use it to compare their performance globally) is down 4% so far this month -- a 6.4% slump back in March, 2001, as the tech- and net- boom was collapsing, is the previous worst monthly performance. The Nasdaq is off more than 4% as well -- it has led markets lower as the so-called Super Techs have slumped. Courtesy of Cambridge Analytica, Facebook shares have slid 13% so far this month, but Apple is also down 4.8%, Microsoft 3.7%, Netflix 2%, Alphabet (Google) 6% and Twitter and Tesla both off around 22% (yes, 22%). Collectively, the loss of value has been well over US$400 billion in the past few days.

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