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  • Home>UPDATE: How much credit should Trump get for the bull market?

    UPDATE: How much credit should Trump get for the bull market?

    UPDATE: How much credit should Trump get for the bull market?

    11/10/2017

    By Tim Mullaney

    Politics and business aren't as intertwined as we often think

    Today's the one-year anniversary of the Donald Trump Confidence Rally, at least according to the president, who has flogged his impact on markets pretty much nonstop. He even worked it into his speech to South Korea's Parliament on Wednesday -- witty, since Korea's KOSPI Index is beating the Dow Jones Industrial Average by 7 percentage points this year, and the Standard & Poor's 500 by 9.

    Harabeoji, (http://www.9korea.com/dictionary/harabeoji/) hold my beer.

    Regardless of how Koreans felt about market ruminations from Grandpa (harabeoji, translated), sandwiched between mixed messages on North Korea's nukes and plugs for his Bedminster, N.J., golf xanadu, the anniversary raises a question: How much credit does Trump deserve for the 19% run in the S&P (and 25% in the Dow) since his election initially tanked futures markets, followed by a morning rally?

    (https://twitter.com/realdonaldtrump/status/927847471321141249)

    The answer is, not a ton. The market's run mostly proves a happier reality: That politics and business are more separate than we often assume.

    There are two big buckets of reasons to be confident about that conclusion, which I pieced together with help from S&P Dow Jones Indices and CFRA Research.