President Donald Trump's daughter Ivanka celebrated a new record that the U.S. Dow Jones Industrial Average reached on Tuesday.
In a 60-second press conference Tuesday, Trump called it a "sacred number" and bragged about breaking the record, taking credit for it.
It's an interesting turn, however, since the president spent months warning that if President-elect Joe Biden won the stock market would crash.
"Joe Biden and the radical, socialist Democrats would immediately collapse the economy," Trump said in a Labor Day address Sept. 7. "If they got in, they would collapse it. You’ll have a crash the likes of which you’ve never seen before. Your stocks, your 401(k)s — remember, it’s the people that own these massive, listed companies. A lot of people: rich people and not so rich people and middle-income people. And those stocks will crash like you’ve never seen before."
It was a theme that became a big part of his Twitter threats.
@IvankaTrump Remember, as your father always insisted, as soon as the country votes in a new president, that person… https://t.co/wpn94paGAI— Kevin M. Kruse (@Kevin M. Kruse)1606236763.0
It turns out Trump's stock market predictions are about as accurate as his COVID-19 predictions.
"Dear @realDonaldTrump: You stated the Dow would collapse if @JoeBiden won. The opposite has occurred," Rep. Ted Lieu (D-CA) mocked Trump.
Dear @realDonaldTrump: You stated the Dow would collapse if @JoeBiden won. The opposite has occurred. https://t.co/jTRRe5XrC5— Ted Lieu (@Ted Lieu)1606237809.0
As the New York Times noted, the past four years have brought with it an erratic market with plenty of ups and downs.
“ ‘Biden wins,’ Trump told a cheering crowd near Reading, PA on Halloween, ‘you’re going to have a stock market col… https://t.co/EXymt7j10V— John Harwood (@John Harwood)1606236390.0
The stock market isn't a reflection of the American economy, it only marks the strength of corporate businesses. Only about half of Americans play the stock market. "The richest 10 percent of households controlled 84 percent of the total value of these stocks in 2016," New York University professor Edward Wolff tracked.