Steven Mnuchin

The Trump administration tried to calm markets. It backfired.

The Trump administration tried to calm markets. It backfired.

Many economists warned that President Donald Trump's focus on the stock market could have painful consequences. In recent days, it has become apparent why. Trump and his top deputies are focused on trying to stop the market slide, but they are helping drive the market down even further.

On Monday, the Standard & Poor's 500-stock index closed in bear market territory, meaning the longest bull market for stocks in modern U.S. history is basically at its end. (A bear market is a 20 percent decline from the all-time high, which occurred in September.)

Trump blames Federal Reserve Board Chair Jerome Powell, his own choice for the post, for the steep stock sell-off. Many on Wall...

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