Wall Street, NYC. The Dow Jones Industrial Averages, which rose dramatically Monday following President Donald Trump's proclamation that the tariff war with China had ended in victory for America, fell precipitously Tuesday when the president seemingly switched his position on tariff reduction and proclaimed that "Tariffs are good for America. They will make us rich again."
On second thought, those who had welcomed the president's "Mission Accomplished" announcement after his meeting with the Chinese president now realize that there will be no decrease in tariffs in the next 90 days and there is no guarantee that tariffs will fall even then.
One broker, fearing a bear market is developing, was heard lamenting, "When the market goes into total collapse, we expect the president to declare: 'Recessions are good for America. They will make us rich again.' "