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Market Extra: Stock market’s record run signals that fighting the Trump rally is a losing battle

“Don’t fight the trend” is an oft-used expression on Wall Street. It may be truer now than ever. Casting a dubious eye on what has amounted to a spectacular rise for equity markets since Donald Trump became president-elect in November is proving a costly enterprise.

Whether the advance for equities can sustain itself over the next month and into 2017 is anyone’s guess, but for now investors who have been reluctant to embrace the unabashed exuberance that has gripped stock investors over the past month are losing money—fast.

Underscoring that point, four closely watched gauges of the health of the market ripped higher Wednesday to mark fresh records, even as health-care stocks IBB, -2.94% were stumbling badly after Trump suggested that he may crack down on the pricing power some drugmakers wield.

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