As Wall Street Sinks, Trump Is His Own Worst Enemy
As far as the stock market is concerned, U.S. President Donald Trump is, right now, his own worst enemy.
The president – who frequently touted Wall Street’s rally following his 2016 election victory – was partly blamed for a sharp stock selloff on Monday that investors believe is likely to continue, deepening cracks in a nine-year-old bull run.
Trump’s first year as president, the S&P 500 surged 24 percent on bets he would boost the economy with fiscal spending, deregulation and deep tax cuts. Trump tweeted frequently about the stock market as it rallied through 2017. But since a selloff in February, he has been noticeably silent.
But this bull market has frequently staged swift recoveries, and some were poised for opportunity.
“I’m taking advantage of these markets and am heavily overweighted financials and banks,” said David Kotok, chairman and chief investment officer of Cumberland Advisors in Sarasota, Florida. “I didn’t buy today, we’re in freefall, but I might tomorrow.”
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