Biden insists US economy ‘going to be fine’ after stock market plummets amid reports of continued inflation

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President Biden says that Americans shouldn’t worry about Tuesday’s stock market drop, arguing things are “going to be fine” despite continued reports of higher-than-expected inflation.

“The stock market doesn’t necessarily reflect the state of the economy, as you well know,” Mr Biden told reporters in Delaware. “The economy is still strong. Unemployment is low. Jobs are up. Manufacturing is good. I think we’re going to be fine.”

The stock market took a dive earlier in the day after the release of a fresh Consumer Price Index report that showed inflation remains high, with its sample of household goods and services costing 8.3 per cent more than a year earlier.

The news caused the S&P 500 to drop by 4.3 per cent, the Dow Jones Industrial Average to drop 3.9 per cent, and the Nasdaq Composite to drop 5.2 per cent, CBS News reports.

This is a breaking news story and will be updated with new information.

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