, Columnist
The Market's Trump Sugar High Is Wearing Off
After lifting stocks and the economy for a while, the president looks increasingly like a drag.
President Donald Trump isnt bragging about the market these days.
Photographer: Drew Angerer/Getty Images North AmericaThis article is for subscribers only.
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.
Trump hasn’t had much to brag about this 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 points out that, as a ratio of earnings, the S&P 500 is cheaper than it was before Trump’s election in 2016: