Speaking to reporters in New Jersey on Sunday, he said:

"I don't think we're having a recession… "We're doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they're loaded up with money."

It comes after the Dow suffered a painful 800 point slide on Wednesday after a key recession indicator flashed red for the first time in more than a decade.

DOW FUTURES LEAP 300 POINTS ON MONDAY

After a disastrous week on the stock market, the Dow Jones Industrial Average (DJIA) looks set to open with a bang on Monday. At 7.42 am ET, Dow futures traded 296 points higher at 26,203.