Dow Jones drops by about 500 points during Trump tax speech

Dow Jones drops by about 500 points during Trump tax speech

The Dow Jones Industrial Average dropped about 500 points while President TrumpDonald John TrumpTrump says his advice to impeachment defense team is 'just be honest' Trump expands tariffs on steel and aluminum imports CNN's Axelrod says impeachment didn't come up until 80 minutes into focus group MORE gave a speech touting the GOP tax plan on Monday.

The Dow Jones was a little over 25,000 points when Trump took the stage in Ohio, and stood at about 24,500 when he concluded his remarks.

While Trump spoke, the average fell to a low point of 24,148 before rebounding to 24,523 at the approximate time Trump ended his speech. 

On a volatile day, the Dow Jones index closed down 4.9 percent, or 1,175 points to 24,345.

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Trump and members of his Cabinet have repeatedly touted the rising market in making the case for Trump's economic stewardship. Since Trump was elected president, the Dow Jones is still up about 20 percent. It stood at 19,827 on Jan. 20, 2017. The Dow had closed at a record high of 26,616 two weeks ago.

But worries about a bubble in the market have been aired for months as the Dow Jones set record after records, and the massive selloff in recent days will add to speculation that a market correction is now taking place. The market dropped 665 points Friday. 

Investors have been spooked in part by reports of a humming U.S. economy. The monthly jobs report released on Friday showed the economy adding 200,000 jobs last month and also suggested that wages may be increasing.

This has increased the sense that the Federal Reserve will raise interest rates to check inflation.

All three major news networks pulled from Trump’s speech to cover the massive market drop. As the president spoke, the networks showed a graphic of the market drop in the corner.