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        <title><![CDATA[Trump slams Wall Street ‘rich guys’ who bet against stock market]]></title>
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            <media:title type="html">Trump slams Wall Street ‘rich guys’ who bet against stock market</media:title>
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        <content:encoded><![CDATA[<p>President Trump lashed out at Wall Street bears Wednesday as the stock market digested fresh warnings about the coronavirus pandemic.</p><p>Trump <a href="https://twitter.com/realDonaldTrump/status/1260574760930545666" target="_blank" rel="noopener noreferrer">suggested on Twitter</a> that it&#8217;s &#8220;barely legal&#8221; for pessimistic investors to give gloomy forecasts if they stand to profit from market crashes like the one the virus crisis caused.</p><p>&#8220;When the so-called &#8216;rich guys&#8217; speak negatively about the market, you must always remember that some are betting big against it, and make a lot of money if it goes down,&#8221; Trump tweeted.</p><p>&#8220;Then they go positive, get big publicity, and make it going up,&#8221; he added. &#8220;They get you both ways. Barely legal?&#8221;</p><p>It&#8217;s unclear what prompted Trump&#8217;s tweet, but some commenters interpreted it as a jab at billionaire hedge fund manager Bill Ackman, who <strong>scored a $2.6 billion profit</strong> from a bet against the markets in March as the pandemic sparked a historic selloff.</p><p>The week before he cashed out his bet, Ackman begged Trump to <strong>shut down the country</strong> for a month as he warned that the virus lead the US into a &#8220;depression-era period.&#8221;</p><p>The Pershing Square Capital boss <strong>changed his tune</strong> last month, saying he expected a quick economic recovery once the crisis gets under control.</p><p>But other Wall Street mavens have echoed Ackman&#8217;s initial pessimism. DoubleLine Capital founder and so-called &#8220;bond king&#8221; Jeffrey Gundlach said stocks could fall below their March lows as he revealed a short position — or bet against — the market in a <strong>CNBC interview</strong> last month.</p><p>And Paul Singer&#8217;s Elliott Management warned clients in an April letter that stocks could tumble 50 percent or more from their February highs, <strong>according to Reuters</strong>.</p><p>Federal Reserve chairman Jerome Powell — a frequent target of Trump&#8217;s ire — added to the anxiety Wednesday as he warned the virus could leave the US economy with lasting scars. <strong>Stocks tumbled in early trading</strong> following his comments.</p><p>Wall Street has nonetheless staged a strong rally since reaching the bottom of the coronavirus crash. The benchmark S&amp;P 500 index closed Tuesday about 31 percent above the low it reached on March 23, but still roughly 15 percent below the all-time high from February.</p>]]></content:encoded>
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