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Trump asks for advice on markets

Updated: Dec 29, 2018

Administration asks top investor for advise on market events. Call took place after markets plunged on Christmas Eve.



A high-ranking Trump administration official reached out to at least one well-known investor for advice on markets after a recent drubbing for stocks, sources told CNBC.


The call took place after a sell-off on Christmas Eve, the worst day of Dec. 24 trading ever. The Dow Jones Industrial Average, S&P 500and Nasdaq all dropped more than 2 percent Monday, as rumors swirled about President Donald Trump's desire to fire Federal Reserve Chairman Jerome Powell and Defense Secretary James Mattis resigned amid disagreements with the president. The major indexes then spiked about 5 percent on Wednesday.


The administration, which has judged Trump's success in part on stock market performance, is "determined" to boost equities, the sources said. The sources said the investor advised the official to tell the president to end his criticism of Powell on Twitter, stop administration turnover and reach a trade deal with China in order to help markets.

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