The stock market remains "absolutely great," despite traders blaming drops over fears of the coronavirus on the global economy, National Economic Director Larry Kudlow said Friday.
"I want you to own the S&P 500 index or something like it and just hold it forever, until you're 95 years old, just don't take a look at it, because you're buying America, the greatest country in the world," Kudlow said on Fox News' "Fox and Friends."
Thursday, the S&P 500 dropped as much as 1.3% at one point after the market suffered a sudden slump in the late morning, according to The Associated Press. Treasury yields also fell while the price of gold went up before moves moderated later in the afternoon.
"Even with yesterday's sort of small correction, S&P 500 is up over 4% this year-to-date, despite the virus, and last year it was up 29%, so I really think the market signal here is more business and consumer confidence in this extraordinary blue-collar boom, in which we find ourselves," said Kudlow.
Meanwhile, Kudlow said he would not knock down former President Barack Obama after his tweet last week about signing the Recovery Act and his claims that it paved the way for more than a decade of economic growth.
"We've created 500,000 manufacturing jobs," Kudlow said. "The blue-collar workers are in a boom. The bottom half is outperforming the top half...the bottom quarter of the workforce, their wages are increasing by about 4.5%. Those are the so-called production workers. The top quarter is only drawing about 3%."
Under Trump, he said, "we've had lower unemployment across the board, (with) every minority group, every blue-collar, white-collar, women, millennials, even the snowflakes have added 2 million jobs. That's terrific, probably they are going to vote capitalist Trump coming up."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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