'It Wasn’t Republicans, It Was Dumocrats': Trump Blames Election Results for Stock Market Plunge
In a post on Truth Social, Trump described the market decline as one of the worst in history and attributed the losses to the election outcome, while claiming that retirement savings had also been affected.
- World News
- 2 min read
Washington, DC: US President Donald Trump on Thursday (local time) blamed the Democratic Party's sweeping victories in the midterm elections for a sharp plunge in the US stock market, telling investors not to panic and assuring them that markets would soon become "bigger and stronger than ever before."
In a post on Truth Social, Trump described the market decline as one of the worst in history and attributed the losses to the election outcome, while claiming that retirement savings had also been affected. "The Stock Market suffered one of the Worst Days in History based on the results of the Election. Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this. Your 401(k)s have, therefore, dropped. Remember, it wasn’t Republicans, it was Dumocrats," Trump wrote.
Urging investors not to lose confidence, he added, “Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE.”
According to the New York Post, Wall Street witnessed a steep sell-off on Thursday, with the Nasdaq Composite falling 5.52 per cent to close at 24,315.00, entering correction territory. The S&P 500 declined 4.36 per cent to 7,353.73, while the Dow Jones Industrial Average plunged 1,833 points, or 3.44 per cent, to settle at 51,523.06.
The decline wiped out the previous session's gains, with S&P 500 companies losing approximately USD 2.9 trillion in market value and Nasdaq-listed firms shedding around USD 2.5 trillion. According to the New York Post, investor concerns over potential Democratic-led restrictions on artificial intelligence development and data-centre projects contributed to the market downturn, as traders reassessed the outlook for technology companies.
The sharp reversal came a day after US markets rallied following Democratic victories in the November 3 midterm elections. On Wednesday, the Dow surged more than 1,000 points, while the Nasdaq and S&P 500 also registered gains. This comes amid a broader Democratic resurgence in the 2026 midterm elections, with US networks projecting that the party will reclaim control of both chambers of Congress, significantly shifting the balance of power in Washington.
A Democratic majority in the House would allow the party to intensify congressional scrutiny of President Donald Trump's administration through investigations and hearings. Control of the Senate would also give Democrats greater influence over legislation and presidential nominations.
Published By : Namya Kapur
Published On: 6 November 2026 at 07:11 IST