The Dow Jones Industrial Average closed Monday roughly 1,100 points down after dropping by nearly 1,600. The percentage lost was not record-setting, but that didn’t stop the liberal media from slapping President Trump with it since he often touted the markets as a sign his policies were working. The Big Three networks led their evening newscasts with the story. NBC’s stood out as the most panicked and while CBS aimed to quell fears, they also knocked Trump for not noting it in a speech about tax cuts.
Anchor Lester Holt began NBC Nightly News with the fear mongering hyperbole cranked up to 11. “And for a second straight trading day, the high-flying stock market lost its wings,” he declared. “The Dow plunged almost 1,200 points, a more than four and a half percent fall to finish below the 25,000 mark and erasing a lot of our retirement savings.” A statement sure to send chills up the spins of those who suffered during the 2008 economic collapse.
As the report began, that hyperbole was bolstered by Business Correspondent Jo Ling Kent, who noted: “when the Dow plunged below 25,000 today it wiped out all of this year's gains.” It’s worth noting that this fear-laden segment about the Dow going below 25,000 lasted for two minutes and 23 seconds because was an increase from the one minute and seven seconds NBC gave to the Dow breaking that number, to begin with. And in addition, Nightly News ignored when the Dow hit 26,000.
NBC’s stock market panic overshadowed what positive points Kent did hit on:
The bad news on Wall Street started with good news on Main Street. A strong January labor report last week showing 200,000 jobs added. The unemployment rate staying at a 17-year low, and hourly wages jumping nearly three percent.
And while she did say that “financial analysts say don't panic,” Kent wrapped up the report with a negative outlook on the European and Asian markets. “Those markets have already sold off this week, and if they continue, we may need to brace ourselves for a rocky week ahead,” she warned.
Meanwhile, on CBS Evening News, business analyst Jill Schlesinger took the opposite approach and aimed to quell people’s fears by touting the bull market and the strength of the fundamentals. But on the politics side of it, correspondent Dean Reynolds criticized President Trump for not mentioning the market tumble as it was occurring during a speech he gave in Ohio touting his tax cuts,
“As the President spoke near Cincinnati, he sounded unaware of the news from Wall Street at the corner of the screen,” Reynolds chided. And he seemed to mock how cable outlets had to cut away from his speech to warn the public. “Listening to Mr. Trump, you would not have known the Dow Jones industrial average was off more than 1,000 points or that cable news networks were breaking away from his speech to sound the alarm.”
“And while he often talks up the stock market and even claims credit for its previously record-setting height, Mr. Trump didn't mention it in his remarks today. Instead, he dwelled on tax cuts and the leadership needed to enact them,” Reynolds continued to bemoan.
It had been noted by the Media Research Center that the liberal networks downplayed the economic successes in 2017. And now that the market was undergoing a normal correction, it’s suddenly newsworthy.
The relevant portions of the transcripts are below, click expand to read:
NBC Nightly News
February 5, 2018
7:01:23 PM EasternLESTER HOLT: Good evening, everyone. Thanks for starting your week with us. And for a second straight trading day, the high-flying stock market lost its wings. The Dow plunged almost 1,200 points, a more than four and a half percent fall to finish below the 25,000 mark and erasing a lot of our retirement savings. It was a stomach-churning day for investors almost from the start. But the real sell-off hit in the last hour of trading when the DOW seemed to go into a free fall off 1,600 points at one point. All this happening in the face of a strong economy. So, what's behind it and should we be worried? Our Business Correspondent Jo Ling Kent with some perspective now.
[Cuts to video]
JO LING KENT: When the Dow plunged below 25,000 today it wiped out all of this year's gains. The bad news on Wall Street started with good news on Main Street. A strong January labor report last week showing 200,000 jobs added. The unemployment rate staying at a 17-year low, and hourly wages jumping nearly three percent.
(…)
KENT: Investors worry a strong economy means rising inflation and questions on how much the new FED Chairman, Jerome Powell will raise interest rates. His predecessor Janet Yellen warned about the rising price of stocks just yesterday.
JANET YELLEN: It is a source of some concern that asset valuations are so high.
(…)
KENT: Financial analysts say don't panic.
(…)
[Cuts back to live]
KENT: To get a sense of what might happen tomorrow, investors will be looking at what happens in European and Asian markets overnight. Those markets have already sold off this week, and if they continue, we may need to brace ourselves for a rocky week ahead. Lester?
CBS Evening News
February 5, 2018
6:33:40 PM EasternJEFF GLOR: The market's tumble came as President Trump was talking about his tax cuts in Ohio. And Dean Reynolds is there.
[Cuts to video]
DONALD TRUMP: Your paychecks are going way up. Your taxes are going way down.
DEAN REYNOLDS: As the President spoke near Cincinnati, he sounded unaware of the news from Wall Street at the corner of the screen.
TRUMP: Wait until you see GDP over next year or two. Wait until you see what happens to our country.
REYNOLDS: Listening to Mr. Trump, you would not have known the Dow Jones industrial average was off more than 1,000 points or that cable news networks were breaking away from his speech to sound the alarm.
SHEPARD SMITH: We're interrupting for breaking news.
REYNOLDS: Mr. Trump came here to Ohio to visit with workers at a plant that makes hydraulic cylinders for finely tuned machines. And while he often talks up the stock market and even claims credit for its previously record-setting height, Mr. Trump didn't mention it in his remarks today. Instead, he dwelled on tax cuts and the leadership needed to enact them.
(…)
[Cuts back to live]
REYNOLDS: In response to the stock market swoon, White House Press Secretary Sarah Sanders said late today, quote: "The President's focus is on our long-term economic fundamentals, which remain exceptionally strong." Jeff?
