US stock markets suffered rapid swings Tuesday as Wall Street traded frantically to try and recoup earlier losses.
The Dow Jones dived by 567 points shortly after opening Tuesday, but surged by up to 367 points over the next hour.
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By midday the index was up 30 points, or 0.2 per cent, to sit at 24,395.
Donald Trump – who has hailed dramatic stock market increases as one of the biggest successes of his presidency – stayed uncharacteristically silent on its erratic conditions.
But Vice President Mike Pence said choppy trading conditions were ‘simply the ebb and flow of our stock markets.’
He told Business Insider: ‘The most important numbers to focus on are the fundamentals, and the fundamentals of this economy continue to be very strong.’
U.S. Treasury Secretary Steven Mnuchin also dismissed worries about a selloff, echoing Pence’s comments about the market’s fundamentals remaining strong.
The oscillations sent shock-waves across the globe, with London’s FTSE 100 dropping 2.6 per cent to 7,141.4 points at the close of trading Tuesday.
That is the biggest daily fall since the day after Britain voted to leave the European Union in June 2016.
Monday saw the Dow Jones plunge a record-breaking 1,175 points, only to late recoup those losses.
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