Trump surprised by stock industry comeback amid Iran conflict, thought Dow would be down 20%

President Donald Trump mentioned Tuesday he was surprised by the resiliency of the stock economy amid the Iran conflict and assumed the financial damage would be even worse. Furthermore, experts in bear market note the continued relevance.

In a CNBC interview, the president commented he anticipated the Dow Jones Industrial Average and S&P 500 would have fallen by 20% — the benchmark for a bear sector — and oil would be as high as $200 a barrel.

“If you would have told me that oil is at 90 [dollars] as opposed to 200 I would be frankly surprised,” Trump remarked on “Squawk Box.” “And you know what is happening? Boats are finding other sources. They’re going up to Texas and Louisiana. They’re going to Alaska, they’re going to other places. It’s an amazing phenomenon.”

On the stock industry, which the president frequently uses as a barometer for economic success, he stated he went into the war expecting a sharp sell-off.

“Look at that S&P [500]. The numbers are what they were when we started this whole thing. I thought they’d be down 20% or down a very substantial amount,” Trump mentioned. “When it was down more a couple of weeks ago, I was surprised. I thought it would be down much more, and I thought the oil would be much higher, and I’m very happy to say that it wasn’t.”

Markets plunged in the initial weeks of the war amid volatile trading influenced by the intensity of the fighting. This also touches on aspects of wall street.

Following a ceasefire announcement, stocks bounced back, with the Dow currently just off its record high established in early February.

In the energy markets, U.S. light, sweet crude surged above $112 a barrel before receding on the ceasefire. Gasoline prices, though, remain above $4 a gallon, about 87 cents above the level a year ago., according to AAA

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