Trump blames Democrats for stock market plunge after sweeping midterm victories

Fox Business and The Independent report that President Donald Trump has pinned a steep Thursday stock sell-off on Democrats' midterm wins, which gave the party control of both the House and Senate. Writing on Truth Social, Trump said the market had one of its worst days in history because of the election and that Americans' 401(k) accounts had fallen as a result. He promised the country would soon be "BIGGER AND STRONGER THAN EVER BEFORE."

Both outlets put the day's losses at 1,833 points for the Dow Jones Industrial Average, 5.52 percent for the Nasdaq Composite and 4.36 percent for the S&P 500. Fox Business adds that Nvidia lost over 9 percent, and quotes eToro analyst Jakub Rochlitz as saying markets were pricing in the election results. Investors fear tougher artificial intelligence rules and limits on data centers.

The Independent says the Nasdaq 100 dropped 6.4 percent a day earlier, erasing $2.3 trillion, and calls Trump's complaint accurate. It notes Senator Bernie Sanders urged a national data center moratorium, and that Tesla and SpaceX, tied to Elon Musk, fell 10 percent and 9 percent.

Summarized by PolitiKool from Fox Business and The Independent’s reporting. Read the full story at Fox Business → Also at The Independent →