Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

The Market's Trump Sugar High Is Wearing Off

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

The Market's Trump Sugar High Is Wearing Off

Article excerpt

President Donald Trump is learning why his predecessors didn't brag too often about the stock market: If you own it on the way up, then you also own it on the way down.

Mr. Trump hasn't had much to brag about the past week, with stocks falling on four out of five days, including Friday, when the Nasdaq and S&P 500 both closed about 10 percent off their peaks, or what market nerds call a "correction." Stephen Gandel, a Bloomberg columnist who covers banking and equity markets, points out that, as a ratio of earnings, the S&P 500 is cheaper than it was before Mr. Trump's election in 2016.

The "Trump bump" after his election was all about hope for tax cuts, deregulation and other profit-friendly goodies. Two years later, a lot of those hopes have come true. But their effect on the economy and profits seems to have been temporary. …

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