President Trump's chief economic adviser said Tuesday that he doesn't expect a slowdown in growth despite a significant market dip.

'Corrections come and go,' he told reporters at the White House, saying that the economy is strong overall.

'I’m reading some of the weirdest stuff how a recession is in the future,' Kudlow said. 'Nonsense.'

'Recession is so far in the distance I can't see it,' he said after appearing in a Fox Business Network interview.

'Keep the faith. It’s a very strong economy.'

The Dow closed at 4pm on Monday at 24,465, 551 points down from Monday after struggling all day.

All of its 2018 gains have now been wiped out.

White House chief economic adviser Larry Kudlow told reporters at the White House on Tuesday that talk of a coming economic recession in the U.S. is 'nonsense'

The Dow closed at 24, 465 on Tuesday, 551 points down from Monday's close

The dip has been largely driven by plummeting tech stocks which have not responded well to uncertainty surrounding the US's relationship with China.

What began as a tech stock sell-off though has trickled through the market and now other industries are also feeling the pressure.

Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet were all down on Tuesday.

Kudlow had similarly rosy predictions in December 2007, the month the last significant U.S. recession began.

'There’s no recession coming. The pessimistas were wrong. It’s not going to happen,' he wrote at the time in a National Review essay.

'The pessimists are a persistent bunch.

'In 2006, they were certain a recession was just around the corner. They were wrong,' he said then.

Since the 2016 Presidential Election, the markets have been on a continuous winning streak and have gained more than 6,000 points.

The Dow is now however on track to wipe out its 2018 gains entirely.

The slump is the result of a combination of pressure from trade tensions with China and Silicon Valley scandals which have rocked the market's faith in the once unstoppable companies.

Kudlow spoke to reporters on the White House's north driveway after appearing in a cable TV interview

What began as a tech sell-off has trickled its way through to the rest of the market.

On Tuesday, oil and gas stocks were also discarded in favor of safer options like bonds and dividends.

It coincided with a service outage on Facebook and Instagram.

Netflix was down by almost $17 a share and Amazon had also lost value. All are now approaching bear territory, a dreaded label which marks a decrease in value of 20 percent since a recent peak.

Facebook struggled in the morning and crept back up to its Monday high but came nowhere close to its year peak of $218 a share. Its lowest of the year has been $126

Experts say that Apple's 20 per cent slump has been contributed to by lower sales expectations, particularly as a result of the hefty price tags of its recent iPhones.

Netflix’s 35 per cent drop has come as investors are concerned by incoming competition from Disney and Apple, which are both heavily rumored to be starting up their own TV streaming services.

Amazon has also been caught up in the widespread sell-off in tech stocks.

Mark Hackett, chief of investment research at Nationwide Investment Management, said investors are dumping the high-profile technology companies that have dominated the market until recently.

Much of their share price gains in recent years have been built on the hope that their growth could continue and increased users could eventually be turned into greater profits.