U.S. President Donald Trump has been briefed on Wednesday's stock market sell-off, a senior White House official told CNBC, as the Dow Jones Industrial Average dropped more than 3 per cent in one day and the S&P 500 marked its biggest daily decline since February.
"This is a bull market correction. It's probably healthy. This will pass and the U.S. economy remains strong," a White House official said, according to a statement read by CNBC.
Rising U.S. Treasury yields sent investors fleeing from risky assets, hitting technology stocks especially hard on Wednesday. The Dow Jones Industrial Average fell 3.15 per cent, the S&P 500 lost 3.29 per cent, and the Nasdaq Composite dropped 4.08 per cent.
Trump often points to a strong economy and rising stock market as proof his tax and fiscal policies are working. On Tuesday, he reiterated his criticism of the Federal Reserve for raising interest rates, saying that he does not want current economic growth to slow down "even a little bit."