A running theme of our economic reports is that there is usually no single reason for the Dow to be down or up. The Dow isn't a THING, it's a sum of 30 different things. For example, on a given day, most of the market could feel reasonably bullish about the economy, so gainers would outnumber decliners on the broad market. But if OPEC nations start pumping more, and oil prices plunge.
The resulting declines in oil company stocks could drag a big gain down to a little gain, or even a small decline. This happens a lot, multiple narratives negating each other. And then there is the Trump factor.
For days the stock market lacked direction as traders tried to figure out if all the Trump drama was going to be any sort of factor in stock values. This morning they decided it will. Some of it is the expectation that the various controversies and incidents will interfere with the pro-business GOP agenda. And some of it is concern that, in the words of a New York Times article this week, the president is shooting from the hip and hitting himself in the foot.
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