CBS: Stocks sank sharply in morning trade after new government data showed the U.S. economy shrank in the first 3 months of the year.
The S&P 500 dropped 93 points, or 1.7%, to 5,468; the Dow Jones Industrial Average fell 604 points, or 1.5%; and the tech-heavy Nasdaq Composite shed 2.4%. The Commerce Department said in a report on Wednesday that the nation's gross domestic product — the total value of products and services — shrank at a 0.3% annual rate, down from growth of 2.4% in the final 3 months of 2024.
"This is Biden's Stock Market, not Trump's. I didn't take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers," he wrote. "Our Country will boom, but we have to get rid of the Biden 'Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers..."
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LOL. Biden left with GDP ~growing~ by 2.4% and expected to rise even more. This is 100% The #TrumpDepression we're heading into. and it has ~everything~ to do with tariffs.