The Wolf Street Report

Market Exuberance Ends, Pain Starts

In the 14 months from the presidential election through January 2018, the Dow soared 49%. Housing prices soared too. The real economy followed. Consumers went on a spending spree. But now, this phenomenon — the surge in exuberance among consumers, investors, homebuyers, speculators, business-decision makers, and the like, often called the “Trump Bump,” whether or not Trump had anything to do with it — is petering out. So what will happen as this exuberance deflates? (13 minutes)