Market Whiplash: How a Fake Tariff Rumor Made Stocks Go Up and Down Quickly.
Reading
There was a false rumor that President Trump might pause tariffs. This rumor spread quickly online and caused a lot of excitement in the stock market.
The rumor was based on a misunderstanding of something Kevin Hassett, an economic advisor to the President, said. Hassett's comments were taken out of context, leading to the confusion.
The false information spread rapidly on social media, leading some people to believe that the tariffs would be put on hold. This caused the stock market to jump up briefly.
The Dow Jones Industrial Average, a key measure of the stock market, went up and down wildly because of the rumor. It first dropped a lot, then went up, then dropped again.
The White House quickly denied the rumor and called it "fake news." Despite the clarification, the episode highlighted how sensitive the markets are to news about the trade war.
Questions
What was the false rumor about President Trump?
The false rumor was that President Trump might pause tariffs.
Who made comments that led to the misunderstanding?
Kevin Hassett, an economic advisor to the President, made comments that were misunderstood.
How did the stock market react to the rumor?
The stock market jumped up briefly, but the Dow Jones Industrial Average went up and down wildly.
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