Wall Street may be lulled into a dangerous sense the stock market is invincible

Do stock-market investors think equity benchmarks are bulletproof? This question is popping up more frequently as investors contemplate an increasingly volatile landscape in Washington set against a backdrop of repeat records for major stock benchmarks.

Not everyone’s so polite. Plenty just want to know if Wall Street has lost its mind.

To be sure, equities flirting with near-constant new highs should be hailed as an unequivocal positive. However, a sense that calamity might be just around the corner has been looming like a sword of Damocles. A shortlist of anxiety-provoking events has taken on new significance lately, as markets, operating in the realm of rarefied air, seem to be trading on hope alone.

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