The Dow dropped nearly 3,000 points, and the S&P 500 fell about 12% Monday — the largest drop since 1987’s “Black Monday” — despite the Fed cutting interest rates to near zero. Over the weekend, Treasury Secretary Steve Mnuchin said the stock market turmoil is a “great investment opportunity” for long-term investment. A reporter asked Trump Monday if the economy was headed toward a recession.

President Donald Trump: “Well, it may be. We’re not thinking in terms of recession. We’re thinking in terms of the virus. Once we stop, I think there’s a tremendous pent-up demand, both in terms of the stock market and in terms of the economy. And once this goes away, once it goes through and we’re done with it, I think you’re going to see a tremendous, a tremendous surge.”