Reagan Discusses Plunge With Aides, but Isn’t Alarmed

President Reagan, at swearing-in ceremonies for Commerce Secretary C. William Verity, made no mention of today’s stock market plunge but said the U.S. economy is being bolstered by “substantial growth” in exports not reflected in recent government trade figures, widely viewed as the event that triggered the plunge.

Reagan noted that the current expansion has reached a record length for a peacetime recovery. “Leading indicators are sending a message: steady she goes,” Reagan said.

White House spokesman Marlin Fitzwater said Reagan did discuss the plunging stock market with top advisers at lunch today.

Asked if the Administration is alarmed by the market’s fall, Fitzwater said, “No. We feel the underlying economy is sound. On the other hand, it is a situation we have to watch.”