Dow erases all the gains since Trump’s 2016 election

The Dow Jones Industrial Average’s steep drop due to the coronavirus is pushing the 30-stock index below the level where it closed on November 8, 2016, the day U.S. President Donald Trump won the 2016 election.

Trump has long pointed to the U.S. stock market’s success under his administration as a tangible testament of his economic policies and had often boasted about the Dow’s gains since his election. Indeed, this was before investors knew about the new coronavirus and its spread across the U.S..

The sell-off is part of the U.S. historic market meltdown, sending the Dow down around 40 percent since last month, CNBC reported.