“President Trump may have been unaware of this, but there’s a reason that smart presidents steer clear of boasting about stock market returns during their tenures: It’s because the stock market has a way of biting braggarts in their most tender spots.
“For Trump, that spot is his amour-propre. On Wednesday, the stock market took dead aim on that spot and took out a healthy chunk. The Dow Jones Industrial Average gave up 831.83 points, or 3.15%, for its worst day since Feb. 8. The other two major indexes were right down there with it: The S&P 500 index fell 3.29% and the Nasdaq fell 4.08%.
“Normally, few people would attribute this sort of record to the actions of a U.S. President, since the stock market’s ups and down are governed by myriad factors, of which Presidential policy is among the most insignificant.”
“This year, thus far, doesn’t look like it’s going to be a barn-burner. Year-to-date, the dow is up a meager 3.55%, the S&P 500 is up 4.19%, and the Nasdaq up 7.5%. October tends to be the stock market’s cruelest month, so there’s no telling how the market will perform for the rest of the year, or even the rest of the week. It’s every bit as plausible that the market will finish the year up a double-digit percentage as that it will end in the red. As J.P. Morgan was said to have told a passerby importuning him for stock market prognostication, ‘The market is going to fluctuate.’
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