White House press secretary Jen Psaki played down the sharp drop on Monday by U.S. stocks SPX, -2.55% when asked about the Dow Jones Industrial Average’s DJIA, -2.27% big fall. “We focus on the trends in the economy, not any one day and any single indicator,” Psaki told reporters during a briefing. “Unlike his predecessor, the president does not look at the stock market as a means by which to judge the economy.” She also said the equity market has gained around 15% since Biden took office.

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Victor Reklaitis is MarketWatch’s Money & Politics reporter and is based in Washington, D.C. Prior to joining MarketWatch, he served as an assistant editor and reporter at Investor’s Business Daily. Before IBD, he worked for several newspapers in Virginia. Follow Victor on Twitter at: @vicrek.