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| Stock Market’s Gain Under Trump Vanishes | Stock Market’s Gain Under Trump Vanishes |
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| Before he was sworn in as president, Donald J. Trump made clear that he would treat the stock market as a crucial yardstick of his success in office. | Before he was sworn in as president, Donald J. Trump made clear that he would treat the stock market as a crucial yardstick of his success in office. |
| “The world was gloomy before I won — there was no hope,” he wrote on Twitter on Dec. 26, 2016. Since his election, he said, “the market is up 10%.” (It was up, but not that much.) | “The world was gloomy before I won — there was no hope,” he wrote on Twitter on Dec. 26, 2016. Since his election, he said, “the market is up 10%.” (It was up, but not that much.) |
| In the three years since, Mr. Trump has obsessed over the daily gyrations of the stock market like no president before him. He trumpeted its relentless rise as a validation of his leadership, his financial acumen and his policies. Disappointing days were the fault of Democrats, the media or the Federal Reserve. Stocks, he warned, would crash if he was impeached or “if anyone but me takes over in 2020.” | In the three years since, Mr. Trump has obsessed over the daily gyrations of the stock market like no president before him. He trumpeted its relentless rise as a validation of his leadership, his financial acumen and his policies. Disappointing days were the fault of Democrats, the media or the Federal Reserve. Stocks, he warned, would crash if he was impeached or “if anyone but me takes over in 2020.” |
| Now his bragging rights and doomsday threats have evaporated — along with trillions of dollars in wealth. | Now his bragging rights and doomsday threats have evaporated — along with trillions of dollars in wealth. |
| Stocks continued their monthlong meltdown on Friday, with the Dow Jones industrial average tumbling about 4.5 percent to below where it stood when Mr. Trump was sworn in as president on Jan. 20, 2017. The S&P 500 also sank more than 4 percent, though it remains up — barely — during the Trump presidency. | Stocks continued their monthlong meltdown on Friday, with the Dow Jones industrial average tumbling about 4.5 percent to below where it stood when Mr. Trump was sworn in as president on Jan. 20, 2017. The S&P 500 also sank more than 4 percent, though it remains up — barely — during the Trump presidency. |
| The implosion — stocks have collapsed about 35 percent since the coronavirus spread globally last month — is shaping up to be one of the most destructive periods in American financial history. More than $8 trillion in shareholder value has been destroyed. On four occasions in the past month, automatic circuit breakers halted trading to stall dizzying sell-offs. The plunge is the steepest since at least 1928. | The implosion — stocks have collapsed about 35 percent since the coronavirus spread globally last month — is shaping up to be one of the most destructive periods in American financial history. More than $8 trillion in shareholder value has been destroyed. On four occasions in the past month, automatic circuit breakers halted trading to stall dizzying sell-offs. The plunge is the steepest since at least 1928. |
| The market collapse isn’t Mr. Trump’s fault, although some of his decisions may not have helped, including his statements minimizing the danger of the virus. The fast-spreading pandemic has forced countries all over the world to essentially shut down their economies, and that probably would have happened in the United States regardless of who was in the White House. | The market collapse isn’t Mr. Trump’s fault, although some of his decisions may not have helped, including his statements minimizing the danger of the virus. The fast-spreading pandemic has forced countries all over the world to essentially shut down their economies, and that probably would have happened in the United States regardless of who was in the White House. |
| But the speed and violence of the fall have stunned just about everyone. Only a month ago, on Feb. 19, Mr. Trump was in chest-thumping mode. “Highest Stock Market In History, By Far!” he crowed on Twitter. | But the speed and violence of the fall have stunned just about everyone. Only a month ago, on Feb. 19, Mr. Trump was in chest-thumping mode. “Highest Stock Market In History, By Far!” he crowed on Twitter. |
| That day turned out to be the market’s peak. | That day turned out to be the market’s peak. |
| From the start of his presidency, some of Mr. Trump’s policies have seemed tailor made to catapult the stock market to new heights. His landmark legislative achievement — the $1.5 trillion tax-cut package that he signed into law at the end of 2017 — handed out rich rewards to corporate America. The windfall fattened profits and led to a frenzy of companies buying back their own shares, which propelled stocks still higher. | From the start of his presidency, some of Mr. Trump’s policies have seemed tailor made to catapult the stock market to new heights. His landmark legislative achievement — the $1.5 trillion tax-cut package that he signed into law at the end of 2017 — handed out rich rewards to corporate America. The windfall fattened profits and led to a frenzy of companies buying back their own shares, which propelled stocks still higher. |
| Investors loved it. Bankers loved it. Corporate executives loved it. The money showered upon them from tax cuts and the seemingly invincible bull market mollified even those who privately grimaced at the president’s pronouncements and social policies. | Investors loved it. Bankers loved it. Corporate executives loved it. The money showered upon them from tax cuts and the seemingly invincible bull market mollified even those who privately grimaced at the president’s pronouncements and social policies. |
| But nobody loved it like Mr. Trump. He has tweeted about the stock market at least 131 times since becoming president. He kept a running tally of stock market records — 135 by his last count, on Dec. 19. He personalized the rally, referring to “my stock market gains.” | But nobody loved it like Mr. Trump. He has tweeted about the stock market at least 131 times since becoming president. He kept a running tally of stock market records — 135 by his last count, on Dec. 19. He personalized the rally, referring to “my stock market gains.” |
| In some ways, Mr. Trump, with his fixation on the markets, has resembled old-school corporate chieftains like Sandy Weill. As chairman and chief executive of Citigroup, Mr. Weill kept moment-to-moment tabs on his company’s stock price, viewing it as the best quantifiable measure of his performance. But Mr. Weill got out before the reckoning. Two years after he retired in 2006, Citigroup, deep in debt and burdened with toxic assets after years of financial recklessness, required $45 billion in taxpayer bailouts. | In some ways, Mr. Trump, with his fixation on the markets, has resembled old-school corporate chieftains like Sandy Weill. As chairman and chief executive of Citigroup, Mr. Weill kept moment-to-moment tabs on his company’s stock price, viewing it as the best quantifiable measure of his performance. But Mr. Weill got out before the reckoning. Two years after he retired in 2006, Citigroup, deep in debt and burdened with toxic assets after years of financial recklessness, required $45 billion in taxpayer bailouts. |
| By taking credit, over and over, for the stock market’s record run, Mr. Trump arguably set himself up to be blamed for its record fall. (Mr. Trump has repeatedly insisted that he be measured by the market’s performance starting on Nov. 9, 2016, the day after his election, rather than when he took office. By that measure, stock markets are still up on his watch, though not by much.) | By taking credit, over and over, for the stock market’s record run, Mr. Trump arguably set himself up to be blamed for its record fall. (Mr. Trump has repeatedly insisted that he be measured by the market’s performance starting on Nov. 9, 2016, the day after his election, rather than when he took office. By that measure, stock markets are still up on his watch, though not by much.) |
| So deeply has Mr. Trump interwoven his fortunes with those of the markets that plenty of members of the Trump-loathing left have watched markets plunge with a dose of schadenfreude. | So deeply has Mr. Trump interwoven his fortunes with those of the markets that plenty of members of the Trump-loathing left have watched markets plunge with a dose of schadenfreude. |
| “If you politically live by the stock market, you can politically die by the stock market,” said Neera Tanden, the president of the Center for American Progress, a liberal think tank in Washington. She said she hoped that, with Mr. Trump no longer able to bask in the warmth of an epic market rally, the public would have a clearer view of his deficiencies. But, she added, “I’m not rooting for the market to tank.” | “If you politically live by the stock market, you can politically die by the stock market,” said Neera Tanden, the president of the Center for American Progress, a liberal think tank in Washington. She said she hoped that, with Mr. Trump no longer able to bask in the warmth of an epic market rally, the public would have a clearer view of his deficiencies. But, she added, “I’m not rooting for the market to tank.” |
| Democrats’ distrust of Mr. Trump runs deep. Some have kept their money out of the stock markets, according to a team of economists at the Massachusetts Institute of Technology who studied anonymized data about the stock portfolios for millions of investors. | Democrats’ distrust of Mr. Trump runs deep. Some have kept their money out of the stock markets, according to a team of economists at the Massachusetts Institute of Technology who studied anonymized data about the stock portfolios for millions of investors. |
| “People who are more likely to be Republicans, after the 2016 election, were a bit more likely to put money into the stock market, while Democrats do the opposite,” said Antoinette Schoar, an M.I.T. professor. | “People who are more likely to be Republicans, after the 2016 election, were a bit more likely to put money into the stock market, while Democrats do the opposite,” said Antoinette Schoar, an M.I.T. professor. |
| Updated June 22, 2020 | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| For a long time, as markets roared, that meant missing out on big profits. Now it’s not looking like such a bad decision. | For a long time, as markets roared, that meant missing out on big profits. Now it’s not looking like such a bad decision. |
| “I’d wished I’d went to even more cash,” said Tom Leohr, a 65-year-old Iowa retiree who said he had significantly reduced his stock holdings after Mr. Trump won the election. | “I’d wished I’d went to even more cash,” said Tom Leohr, a 65-year-old Iowa retiree who said he had significantly reduced his stock holdings after Mr. Trump won the election. |
| “I know buy-and-hold is the way to go,” said Mr. Leohr, who worked for 30 years at the John Deere tractor works in Waterloo. “But I just couldn’t do it with Trump, just couldn’t. Still can’t.” | “I know buy-and-hold is the way to go,” said Mr. Leohr, who worked for 30 years at the John Deere tractor works in Waterloo. “But I just couldn’t do it with Trump, just couldn’t. Still can’t.” |
| Even as markets were cratering this month, Mr. Trump has clung to the good days. | Even as markets were cratering this month, Mr. Trump has clung to the good days. |
| As he spoke at a White House news conference on the afternoon of March 13, the stock markets staged a 9 percent rally. It wasn’t enough to recover from the drop the day before, but Mr. Trump was so jubilant that he printed out a chart of the day’s market activity, autographed it and sent it to a Fox Business anchor. | As he spoke at a White House news conference on the afternoon of March 13, the stock markets staged a 9 percent rally. It wasn’t enough to recover from the drop the day before, but Mr. Trump was so jubilant that he printed out a chart of the day’s market activity, autographed it and sent it to a Fox Business anchor. |
| “BIGGEST STOCK MARKET RISE IN HISTORY YESTERDAY!” Mr. Trump shouted on Twitter the next day. (It was the Dow’s biggest gain in total points, but the biggest percentage gain only since 2008.) | “BIGGEST STOCK MARKET RISE IN HISTORY YESTERDAY!” Mr. Trump shouted on Twitter the next day. (It was the Dow’s biggest gain in total points, but the biggest percentage gain only since 2008.) |
| Those gains were erased within moments of the opening of markets the next Monday — and Mr. Trump, for the first time in his presidency, adopted a more philosophical tone. | Those gains were erased within moments of the opening of markets the next Monday — and Mr. Trump, for the first time in his presidency, adopted a more philosophical tone. |
| The best thing to do for stocks is to contain the coronavirus, he said at a press briefing on Monday. “The market will take care of itself.” | The best thing to do for stocks is to contain the coronavirus, he said at a press briefing on Monday. “The market will take care of itself.” |