President Donald Trump falsely claimed that the stock market had “hit a new high” on Thursday, while the Dow plunged over three hundred points.

Trump spoke to press while visiting the Lincoln Memorial to inspect his renovation of the Reflecting Pool. A reporter asked the president about his pause on his operation to guide ships through the Strait of Hormuz, asking if he would resume the project due to high gas prices.

“Well, no gas prices have come down today. Have you looked? They’ve come down very substantially today,” said Trump. “You know what’s happened today? Gas prices are way down, and the stock market is way up today.”

The average price of regular gas nationwide rose slightly on Thursday, according to AAA, up from $4.536 a gallon on Wednesday to $4.558. The price of a gallon of gas before the war with Iran was around $3.

The president repeated his false claim about the stock market, doubling down on the statement by asserting that not only had the market risen, it had hit its 59th new high during his tenure.

“The stock market hit a new high. Nobody thought that was possible,” he said. “Stock market today for the 59th time since I’m president, hit a new high.”

Trump then turned to press and construction workers to ask them if they had a retirement savings plan.

“People that have 401ks– you guys have 401ks? You gotta like me. Does everybody have a 401k?” he asked. “‘Cause you gotta like Trump if you do. The 401ks are through the roof.”

The stock market did not, in fact, hit a new high today. All three major indexes dropped. The S&P fell 28 points, the NASDAQ fell 32 points, and the Dow fell over 300 points on Thursday, bringing it back below 50,000 after its surge the previous day.

Wednesday saw the Dow rise over 700 points, surpassing that 50,000 marker for the first time since February 12, a day after former Attorney General Pam Bondi’s viral moment touting the number.

Watch above via C-SPAN 2.

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