Mnuchin: "The markets look like they're functioning normally"

Treasury Secretary Steve Mnuchin said Tuesday that the White House is "monitoring the situation" after markets fell sharply on Monday.

"The markets look like they're functioning normally in terms of liquidity and other things ... The fundamental economics are very strong. The economy is doing very well. Tax reform is clearly helping earnings a lot."

The backdrop: The Dow Jones Industrial Average plummeted 1,175 points Monday — the largest one-day point decline in history. And global markets took a beating too. Tuesday morning, the DJIA opened 300 points down and continues to be volatile.