Even with the see-saw action in U.S. equities markets this week, Eric Trump, executive vice president of the Trump Organization and son of President Donald Trump, said on Thursday he expects the stock market to strengthen over the course of the next few years.
“This market’s gonna go much higher over the next year, two years, three years—I have no doubt about it,” he told FOX Business’s Liz MacDonald on “Risk and Reward.”
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The Dow Jones industrial average closed 1,032.89 points lower at 23,860.46, and into correction territory on Thursday, as fear of higher interest rates keep investors on edge. The wild swings on Wall Street are a result of last Friday’s economic data released by the Bureau of Labor Statistics, which showed stronger-than-expected wage growth in January.
“To have the markets to sit back for a day and actually breathe, I don’t think is the worst thing in the world to tell you the truth,” Trump said.
Some have criticized the president for not taking responsibility for the recent slide in equities, particularly since he took credit for much of the market’s success. The elder Trump broke his silence about the matter on Wednesday, shaking off the wild ride investors have seen over the past week.
"In the ‘old days,’ when good news was reported, the Stock Market would go up,” Trump said in a tweet. “Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!”
In the “old days,” when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!— Donald J. Trump (@realDonaldTrump) February 7, 2018
However, despite the increased market volatility and citing a strong economy, the president’s son said now is “probably a great period to buy.”
“Companies are coming back to the U.S. Money is coming back into the U.S. Manufacturing is growing in the U.S.,” he said. “Companies are excited, there’s entrepreneurial spirit back in this country for the first time ever. Companies can actually conduct business for the first time in many years because they’re not getting choked by regulations.”
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