Trump: "Rich Guys" May Be Bad-Mouthing US Stock Market For Gain

U.S. President Donald Trump has thrown a jab at wealthy investors who seem to be bad-mouthing the U.S. stock market with strong statements. In a tweet, Trump, himself a very wealthy man, called out "the so-called “rich guys”" who speak "negatively about the market," urging people to "always remember that some are betting big against it, and make a lot of money if it goes down." "Then they go positive, get big publicity, and make it going up. They get you both ways." Trump continued, likely referring to a string of Wall Street veterans and famed money managers who have recently made varying comments, either positive or negative, on the state of the U.S. stock market.

Trump didn't refer specifically to anyone with his comments, although they notably come on the heels of famed billionaire hedge fund manager Stanley Druckenmiller referring to the hopes for a market recovery after a lockdown as "fantasy". Another famed hedge fund manager who also recently made bleak comments as regards to the U.S. stock market is Bill Ackman, the founder of Pershing Square Capital Management. Ackman's hedge fund notably turned a $27 million hedge against a stock market downfall into a $2.6 billion reward and further parlayed that reward into the stock market by snapping up more stocks of companies that it already had in its portfolio.

The U.S. stock market has rebounded sharply from record lows in March even amid a weakened economy. It seems that investors have become more hopeful about an eventual re-opening of the U.S. economy. The S&P 500 Index, a respected benchmark that measures the stock performance of 500 large companies listed on various stock exchanges in the US, has notably re-bounded more than 30% from a historical low two months ago.