Donald Trump before opening the Nasdaq on September 20, 2005. Michael Nagle/Getty Images 
 
 White House officials are downplaying the recent chaos in the stock market, saying it's a short-term wobble and insisting the US economy remains resilient. 
 
 "Look, markets do fluctuate in the short term," Raj Shah, a deputy White House press secretary, told reporters aboard Air Force One on Monday. "We all know that. And they do that for a number of reasons. But the fundamentals of this economy are very strong, and they're headed in the right direction — for the middle class, in particular." 
 
 Stocks tanked in trading Monday, with the Dow Jones Industrial Average falling as much as 1,500 points. That was a continuation of a fall from Friday, which saw the Dow close down just under 666 points. 
 
 In a statement later Monday, Press Secretary Sarah Huckabee Sanders echoed Shah's sentiment. 
 
 "The President's focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening US economic growth, historically low unemployment, and increasing wages for American workers," Sanders said. "The President's tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people." 
 
 Analysts have pointed to a slew of reasons for the sell-off, including increasing wage pressures and high valuations. 
 
 President Donald Trump has long cited stock market gains as evidence of the positive effect of his presidency on the economy, even going as far as to call the stock market a good report card for his job performance. 
 
 In an interview with CNN, Hogan Gidley, another White House deputy press secretary, said that despite Trump's taking credit for the rise, the drop should not be pinned on the president. 
 
 "It's still in a very strong place," Gidley said. "It's still exorbitantly higher than it was when he took office." 
 
 The Dow closed at 18,589.69 on November 9, 2016, meaning the index is still up roughly 30% since Trump won the presidency and just over 23% since he took office in January 2017. 
 
 "On Friday, where you referenced, we also saw some really good news in the economy, which is wage growth rising at the fastest pace than it has in any point in eight years, since 2009," Shah said on Monday. "Unemployment, nationally, is at 4.1%. That's the lowest level in almost two decades." 
 
 Shah said the recent positive economic news was directly tied to Trump's policies, touting wage boosts by major companies since the new tax law was enacted. 
 
 The law "is leading to hundreds of billions of dollars of investment in the United States," Shah said. "Hundreds of companies giving additional raises, bonuses, benefits, and everything else to employees. We're very excited about the strength of the economy." 
 
 For the latest updates on the sell-off, check Markets Insider» ||||| Trump has often taken credit for the stock market's climb. Will he own the drops too? 
 
 CLOSE The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. Two days of steep losses have erased the market's gains from the start of this year and ended a period of record-setting calm for stocks. (Feb. 5) AP 
 
 President Trump often takes credit for a rising stock market, but will he shoulder the blame when it takes a dive? 
 
 The Dow Jones industrial average hit its first real rough patch during the past two trading sessions on what had been a smooth and steep climb through the first year of Trump's administration. Monday the Dow shed 1,175 points, its largest point drop in history, wiping all of 2018's gains. 
 
 The president has not hesitated to imply his policies are driving the bull market and the growing economy. In his State of the Union address last week, Trump touted Wall Street's success early in his speech. 
 
 More: Dow plunge briefly tops 1500 points as stock rout intensifies 
 
 "The stock market has smashed one record after another, gaining $8 trillion in value," the president proudly stated. "That is great news for Americans’ 401k, retirement, pension, and college savings accounts." 
 
 The economic data has been impressive. Since Trump was elected on Nov. 8, 2016, to its peak on Jan. 26, 2018, the Dow Jones industrial average gained a remarkable 45%. 
 
 But traditionally, presidents have avoided patting themselves on the back for Wall Street's highs, because they don't wish to be anchored down by its lows. 
 
 As Axel Merk, president of Merk Investments, said, “Let Trump take credit, but he’ll also own it should the market ever tank.” 
 
 Here's a sampling of times Trump took credit for the market's rise and the economy's success. 
 
 Our view: State of the Trump economy: It's complicated 
 
 Other views: ‘Trumponomics’ deserves to get the credit 
 
 Feb. 5, 2018: 
 
 The Dow's plunge didn't stop Trump from lauding the economy Monday, although the tweet he sent did not mention the stock market. 
 
 Thanks to the historic TAX CUTS that I signed into law, your paychecks are going way UP, your taxes are going way DOWN, and America is once again OPEN FOR BUSINESS! pic.twitter.com/GISFbDDGXX — Donald J. Trump (@realDonaldTrump) February 5, 2018 
 
 Jan. 24. 2018: 
 
 "Our economy is now booming and with all I am doing, will only get better," Trump tweeted. 
 
 Will soon be heading to Davos, Switzerland, to tell the world how great America is and is doing. Our economy is now booming and with all I am doing, will only get better...Our country is finally WINNING again! — Donald J. Trump (@realDonaldTrump) January 25, 2018 
 
 Jan. 23, 2018: 
 
 "You're seeing what's happening with the stock market. People are appreciating what we're doing," Trump said during an announcement of tariffs on imported solar products and washing machines. 
 
 Jan. 20, 2018: 
 
 Trump cited the "record stock market" as one of the many ways there has been "unprecedented success" for America since his election. 
 
 Unprecedented success for our Country, in so many ways, since the Election. Record Stock Market, Strong on Military, Crime, Borders, & ISIS, Judicial Strength & Numbers, Lowest Unemployment for Women & ALL, Massive Tax Cuts, end of Individual Mandate - and so much more. Big 2018! — Donald J. Trump (@realDonaldTrump) January 20, 2018 
 
 Jan. 16, 2018: 
 
 "The stock market is way up again today and we're setting a record literally all the time," Trump said. He added that if Hillary Clinton had won the 2016 election, "the market would have gone down 50% from where it was." 
 
 Jan. 14, 2018: 
 
 Trump sent a tweet quoting Fox Business Network host Stuart Varney who said "President Trump is not getting the credit he deserves for the economy," including the "most explosive Stock Market rally that we've seen in modern times." 
 
 “President Trump is not getting the credit he deserves for the economy. Tax Cut bonuses to more than 2,000,000 workers. Most explosive Stock Market rally that we’ve seen in modern times. 18,000 to 26,000 from Election, and grounded in profitability and growth. All Trump, not 0... — Donald J. Trump (@realDonaldTrump) January 14, 2018 
 
 Jan. 5, 2018: 
 
 "Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record," Trump tweeted. "Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!" 
 
 Jan. 4, 2018: 
 
 In a reference to former president Barack Obama, Trump rhetorically wondered how the news media would have reacted if "'O' was president and had these numbers." It would have been the "biggest story on Earth!" he concluded. 
 
 The Fake News Media barely mentions the fact that the Stock Market just hit another New Record and that business in the U.S. is booming...but the people know! Can you imagine if “O” was president and had these numbers - would be biggest story on earth! Dow now over 25,000. — Donald J. Trump (@realDonaldTrump) January 5, 2018 
 
 That tweet came just hours after another declaring, in all caps, "MAKING AMERICA GREAT AGAIN!" above a Fox Business Network graphic of the Dow's recent milestones. 
 
 MAKING AMERICA GREAT AGAIN! pic.twitter.com/iONbr1DkVk — Donald J. Trump (@realDonaldTrump) January 5, 2018 
 
 Dec. 31, 2017: 
 
 Trump tweeted that stocks would be 50% lower if American had elected Hillary Clinton rather than himself. 
 
 If the Dems (Crooked Hillary) got elected, your stocks would be down 50% from values on Election Day. Now they have a great future - and just beginning! https://t.co/9TzSC8F8vY — Donald J. Trump (@realDonaldTrump) December 31, 2017 
 
 Dec. 4, 2017: 
 
 "The stock market I think is going to have a very big day based on the massive tax cuts that we're very much in the process of getting approved," Trump said. 
 
 Nov. 7, 2017: 
 
 "Stock market hit yet another all-time record high yesterday," Trump tweeted. "There is great confidence in the moves that my Administration is making." 
 
 Aug. 3, 2017: 
 
 "Business is looking better than ever with business enthusiasm at record levels. Stock market at an all-time high," Trump tweeted. "That doesn't just happen!" 
 
 Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen! — Donald J. Trump (@realDonaldTrump) August 3, 2017 
 
 July 15, 2017: 
 
 Implying the stock market hinges on his own personal political fortunes, Trump tweeted, "Stock market hit another all-time high yesterday — despite Russia hoax story." 
 
 Blamed past dives on Obama 
 
 Trump was also quick to blame Obama for the market's dips under his presidency (although notably, he did not credit his predecessor with its rises). 
 
 "The stock market and US dollar are both plunging today," Trump tweeted on Nov. 7, 2012. "Welcome to @BarackObama's second term." 
 
 Overall, the Dow rose 149% during Obama's presidency. 
 
 The stock market and US dollar are both plunging today. Welcome to @BarackObama’s second term. — Donald J. Trump (@realDonaldTrump) November 7, 2012 
 
 And on Aug. 16, 2011, Trump said, "Amazing — Obama speaks, market goes DOWN — Trump tells CNBC he's buying stock — market goes up." 
 
 Amazing--Obama speaks, market goes DOWN---Trump tells CNBC he's buying stock---market goes UP --- should not be that way! — Donald J. Trump (@realDonaldTrump) August 16, 2011 
 
 Read or Share this story: https://usat.ly/2BWn3mr ||||| NEW YORK — President Donald Trump is learning a basic and painful lesson of Wall Street: Stocks also go down. 
 
 A global market sell-off accelerated Monday with the Dow Jones Industrial Average plunging nearly 1,600 points at one point in roller-coaster afternoon trading. After a volatile session, the Dow ended down 1,175 points, or 4.6%, at 24,346. 
 
 Story Continued Below 
 
 It was the largest ever single-day point drop for the Dow and it rattled both Wall Street and Washington, abruptly ending a remarkable period of placid markets where it often seemed the only direction was up. A young generation of Wall Street traders has never seen the kind of whipsaw action that seized markets Monday. 
 
 While the point drop was the largest, Monday’s decline did not rival some of the bloodiest days in Wall Street history given how fast the Dow has raced ahead in recent years. On Oct. 19, 1987, the notorious “Black Monday,” the blue chip average gave up nearly 23 percent of its value. On Sept. 29, 2008, in the depths of the financial crisis, the Dow sank nearly 7 percent. 
 
 But it was still a large and shocking decline. It arrived amid growing concern that an economy juiced by a massive corporate tax cut, and already at full employment, could overheat and require forceful action from a new and untested Federal Reserve chairman — installed by Trump — to cool things down. 
 
 On top of concerns about rising inflation, the tax cuts are already increasing the federal government’s need to borrow and accelerating the date by which Congress must raise the federal debt limit. And as of Monday, there was still no plan in Washington to raise the limit and avoid a catastrophic default. 
 
 The result is that a president who tossed aside traditional presidential caution in cheerleading the stock market now stands poised to take the blame for any correction. 
 
 “This is a risk that the president clearly set himself up for,” said Charles Gabriel of Capital Alpha Partners, a Washington research firm. “Until now, Trump’s had kind of a free ride in this market and taken so much credit for it, even though so much of it was due to easy-money policies from Janet Yellen and the Fed. Now she’s out the door and volatility is back.” 
 
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 Jerome Powell, the new Fed chair installed by Trump and sworn in Monday, is not expected to deviate sharply from Yellen’s gentle approach to raising interest rates. But he is a lesser-known figure on Wall Street. 
 
 And if the recent jump in hourly wages gets pushed up even more by corporations handing out bonuses and pay bumps in the wake of the tax bill, the Fed may be forced to move faster to fight inflation — offsetting the economic benefits of the tax cuts. 
 
 Interest rates are already rising as the government discloses it will have to ramp up borrowing in 2018 to make up for revenue lost to the tax-cut bill. Higher rates on government bonds make stocks look less appealing. They also can make it harder for businesses and consumers to borrow and spend, possibly slowing the economy. 
 
 On top of all this, stocks blew past traditional valuations as they raced ahead in 2017 and early 2018. A widely followed ratio designed by economists Robert Shiller and John Campbell that compares stock prices to corporate earnings hit 34 this year. The historic median for the ratio is 16. 
 
 This could have served as a warning to Trump not to associate himself too closely with a rally that looked tenuous to many Wall Street analysts. Instead, Trump bragged about the gains at every opportunity on Twitter and even in his State of the Union address. 
 
 “The stock market has smashed one record after another, gaining $8 trillion in value,” Trump said in his address to Congress. 
 
 Last week’s decline alone wiped out nearly $1 trillion in that value, according to S&P Dow Jones Indices. 
 
 Trump has regularly boasted on Twitter that the stock market rise, which actually began in 2009 at the end of the last recession, is the direct result of his policies on taxes and regulation. 
 
 “Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen!” he tweeted last August. 
 
 Other senior administration officials such as Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn have also tied the market’s gains directly to Trump policy moves. 
 
 The latest declines left a White House that has basked in the glow of the market rally scrambling to explain away the massive decline and calm frayed investor nerves. 
 
 “The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers," White House Press Secretary Sarah Huckabee Sanders said in a statement. "The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people.” 
 
 Stocks are still far higher than they were when Trump took office, but the return of sharp volatility — and the possibility of further declines — has now put Trump in the uncomfortable position of being directly associated with daily market moves. 
 
 “Presidents historically haven’t commented on the stock market anywhere near as much as President Trump has,” said Ed Yardeni, market analyst at Yardeni Research Inc. “I think Barack Obama said something in 2009 about how he thought stock prices seemed low, and that was about it. So he obviously likes to take credit for the positives. Now what does he say when the market suddenly goes down?” 
 
 Dow Jones erases its gains for the year in the largest single-day point drop 
 
 So far, Trump has not weighed in publicly on the market declines. A White House official sent a statement to CNBC on Monday expressing concern over the drop. “We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals,” the statement said. 
 
 Both the U.S. and global economies are in fact on stronger ground than they have been in years, leading many Wall Street analysts to suggest that the current bout of selling represents something of a healthy correction to stock market valuations and not the beginning of a bear market. 
 
 Unemployment in the U.S. is low, corporate profits are strong, and growth in the first quarter is currently running as fast as 5.2 percent, according to the most recent estimate from the Atlanta Fed. Europe and Japan are also growing, a kind of synchronized global expansion not seen in recent years. 
 
 “Corrections of 5% to 15% occur on average once a calendar year,” Jason Pride, director of investment strategy at Glenmede, wrote in a client note Monday. “Further, history has shown the market capable of making it through such corrections and going on to positive returns for the full year period, particularly in cases of ongoing expansions.” 
 
 The market may indeed quickly reverse course in the coming days and go on to move higher over the course of the year, allowing to Trump to start bragging again and possibly aiding Republicans in their efforts to tout the tax-cut bill and limit potential losses in the midterm elections. 
 
 But significant risks lie ahead in Washington. The biggest is whether Powell and the Fed can navigate a difficult path between allowing the economy to thrive and wages to rise without letting potentially crushing inflation take hold. And if Powell and his colleagues decide they need to pump the brakes hard, that could leave them in direct conflict with a president not shy about criticizing people he himself put into office. 
 
 And it could leave Trump with regret about jettisoning a Fed chair whom Wall Street came to love. “For the past four years, Yellen was the fairy godmother of the bull market,” said Yardeni. “And now that she’s gone, maybe we don’t get the fairy dust anymore.”
– President Trump himself hasn't addressed Monday's miserable day for the stock market, but two White House officials made a point to downplay the trouble and emphasize perspective. "Look markets do fluctuate," said deputy White House press secretary Raj Shah. "But the fundamentals of this economy are very strong." Press chief Sarah Huckabee Sanders said similarly that the "president's focus is on our long-term economic fundamentals, which remain exceptionally strong." As many outlets are now pointing out, Trump has repeatedly boasted of the booming stock market. In his recent State of the Union address, for example, he spoke of it smashing "one record after the other," notes USA Today, which rounds up several tweets from Trump with a similar sentiment. Despite Monday's 1,175-point loss, the Dow is still up 23% since Trump took office, reports Business Insider. But the rough day illustrates the danger of the president taking too much credit for the market's performance, notes Politico. “This is a risk that the president clearly set himself up for,” Charles Gabriel of Capital Alpha Partners tells the news site. “Until now, Trump’s had kind of a free ride in this market and taken so much credit for it, even though so much of it was due to easy-money policies from Janet Yellen and the Fed." Monday may have seen the biggest single-day point loss in the Dow's history, but in terms of percentage, the 4.46% loss is well below the 7% single-day drop of Sept. 29, 2008.