The Dow is about to give back the entire gain since Donald Trump was elected November 8, 2016. At the time, the conventional wisdom was that Trump’s surprise victory would upset a market reconciled to an extension of the Obama/Biden economic policies. Trump was an unknown, a disrupter, but almost immediately the shock of his victory turned to investor elation anticipating tax cuts and deregulations.
The market was at 18332 on Election Day, and in two weeks, closed above 19000 on November 22, 2016. By the inauguration (January 20, 2017), it was near 20000, and hit it 5 days later. Although there have been some dips and slow crawls until mid-February 2020, the market mostly grew, adding 10000 points in just over 3 years.
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