President Donald Trump on Monday blamed Saudi Arabia and Russia’s dispute over oil prices, plus what he called “fake news,” for steep stock-market losses, as he was set to be briefed on policy options for responding to the coronavirus.
The main U.S. stock indexes DJIA, -7.34% SPX, -7.07% COMP, -6.29% tumbled Monday as fears of a full-blown oil-price war between Russia and OPEC sent crude futures CLJ20, -20.42% plunging. “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” Trump said in a tweet, adding in another tweet that falling gasoline prices would be “good for the consumer.”
See:Oil down 20%, set for largest 1-day plunge since 1991 Gulf War on fears of global price war
In another tweet Trump said the media and Democrats are inflaming the coronavirus situation. “The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant,” he said.
Campaigning in Michigan on Monday, former Vice President Joe Biden, the Democrats’ leading presidential-nominee contender, said he’d be happy to address coronavirus questions later.
Now read:Coronavirus update: 111,356 cases, 3,892 deaths; Italian stocks dive
Trump is reportedly set to be briefed on a list of policy changes that advisers hope could stem the economic impact of the coronavirus. Those include paid sick leave and emergency help for small businesses, a senior administration official told the Washington Post.
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