Letters from an American – April 21, 2025 – Heather Cox Richardson

Yesterday, on Easter Sunday, Pope Francis performed his final public act when he waved to worshippers in St. Peter’s Square. He died today at 88. Born in Argentina, he was the first Pope to come from the Americas. He was also the first Jesuit to serve as Pope, bringing new perspectives to the Catholic Church and hoping to focus the church on the poor.

The stock market plunged again today after President Donald J. Trump continued to harass Federal Reserve chair Jerome Powell. The threat of instability if Trump tries to fire Powell, added to the instability already created by Trump’s tariff policies, saw the Dow Jones Industrial Average fall 971.82 points, or 2.48%; the S&P 500 dropped 2.36%, and the Nasdaq Composite fell 2.55%. The dollar hit a three-year low, while the value of gold soared.

Journalist Brian Tyler Cohen noted that since Trump took office, the Dow has fallen 13.8%, the S&P 500 is down 15.5%, and the Nasdaq is down 20.5%.

Hannah Erin Lang of the Wall Street Journal reported that “[t]he Trump rout is taking on historic dimensions.” She noted that the Dow Jones Industrial Average “is headed for its worst April performance since 1932,” when the country was in the midst of the Great Depression. Scott Ladner, chief investment officer at Horizon Investments, told Lang: “It’s impossible to commit capital to an economy that is unstable and unknowable because of policy structure.”

See https://www.axios.com/2025/04/08/trump-stock-market-tariffs-bush for more about stock market since Trump took office in 2025.

The Trump administration announced on April 11 that it would withhold from Harvard University $2.2 billion in grants already awarded and a $60 million contract unless Harvard permitted the federal government to control the university’s admissions and intellectual content. Today, Harvard sued the government for violating the First Amendment and overstepping its legal authority under the guise of addressing antisemitism.

Source Links: https://heathercoxrichardson.substack.com/p/april-21-2025