relations council says the number of hate crimes last year jumped continuing the trend from 2015. october was a frightening month for investors. from hong kong to new york, investors slammed by a wave of fears of higher interest rates and trade wars. nasdaq fell 9% in october. the biggest drop since november of 2008. a sweet halloween rebound on wednesday, but the s&p lost nearly 7% last month. it s worst month since september of 2011. despite the dow rally, it shed 5% for the month. capital markets said october was a normal correction. we needed to take some complacency out of the market. that is what we have done. we believe this is a bull market correction within a secular longer bull market.
we look six years down the road. they look at the big picture and that s what they need to pay attention to. this sits in your side of the aisle. i want to talk about the economy. this poll that came out today said there s two silver lines. the economy is doing okay, but friday we had a 5% drop and we had another gdp come out that said how is everyone doing in the country and that will happen before the election too. these are numbers to look at, but generally i think the feel is consumer confidence is up. the markets, i do think it had a bull market correction. i don t think it s here for good. it bounced back. depending on what earnings report when we get that, we ll see if it makes another correction. generally i think the feel is that the economy is doing good, that there are jobs out there, that you feel secure right now in this economy. that s a big favor to the republican party. if that s not the october surprise, right, then it looks like, well, the president is
jerome powell who has a very extensive background in the backing world. i think what we are seeing is a bull market correction. nobody really knows if this is the bottom or what it will do. earnings reports will be coming out and we ll see if it bounces back even better. it is not like he is speaking off on the cuff. he is straight up you wrong. the markets already priced in for rate hikes. so this is business as usual in my opinion. but i think with the president, getting involved and evening on the fed which is an independent deal, why would you do that anyway. the economy is doing great. so if you are taking credit for the economy under your reign, doctor wou doctor why would you call the fed loco. and i would co-sign with that. to what you said, you can evaluate the wisdom of his prognostication and analysis
john roberts at the white house with more on that. john? first of all, the president says he doesn t believe there s much to worry about here. he says the economy is still strong. the swing is probably a temporary thing. even though the markets are down, he says they re still up 40% from when the the president was first elected. he thinks this is a bull market correction, a temporary dip in the dow. he does fault the federal reserve for hiking interest rates faster than he would like or he would have done himself if he were in a position to do so. the feds hike rates three times this year. one more before the end of the year. last night in eerie, pennsylvania, the president came off of air force one and said the fed has gone crazy. today he suggested he could do a better job. listen here. the fed is out of control what they re doing is wrong. i think the fed is far too stringent and here making a mistake. it s not right.
now. do not leave your house. still under that order. that went into effect at 7:00 a.m. this morning when things started to deteriorate. noon, 4:00, 3:00, it was really something to see. something to experience. it was one hell of a hurricane, neil. neil: looked like that. i m glad you re safe and your crew is safe. phil keating in apalachicola, florida. we ll be talking to the mayor shortly. an update from the president of the united states. john roberts at the white house. he s been monitoring the developments very closely. john? neil, the president just taking off from the white house south lawn a short time ago on the way to eerie, pennsylvania. shouted some questions at the president is he concerned about the drop in the markets now over 800 points. the president didn t answer questions. i did get off the phone with a senior white house official that told me the feeling here this is a bull market correction. it s nothing to panic about.