This week's edition of The 45th newsletter.
US stocks rallied overnight as a late surge helped them regain almost half their losses from the day before. The Dow’s one-day plunge on Monday was the biggest single day drop in history.
Wall Street's recent swings are an uncommon sight after years of low volatility. President Trump has often staked the measure of his performance on the economy and talked up the gains of 6,000 points since he took office. The US stock market has climbed to record peaks since his election on the prospect of tax cuts and corporate deregulation, as well as optimism over corporate earnings.
US Treasury Secretary Steven Mnuchin said Tuesday he was not overly concerned about the market volatility. "I think the fundamentals are quite strong,” he said. White House Press Secretary Sarah Sanders told reporters that the United States continues to have "historically low unemployment and we actually have increasing wages for American workers".