Market Extra: Is the stock market ignoring one of the most important risks of 2017?

In an increasingly tense world, why is Wall Street looking so sanguine?

From a geopolitical perspective, 2016 has been the most volatile year in recent history, with historic elections in Britain, Italy, and the U.S. The election of Donald Trump as U.S. president has ratcheted up anxieties, with the real-estate mogul recently saying that he planned to “greatly strengthen and expand” the country’s nuclear capability, raising the specter of a Cold War-era style arms race.

However, observers may be hard pressed to discern any signs of the swiftly shifting political landscape in the equity markets. After a rocky start, trading this year was marked by a rally that has taken major indexes to repeated records, but despite the tilt higher Wall Street has mostly been marked by a historic level of quiescence.

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