MarketWatch First Take: Trade is the first real test of the Trump rally

The stock market has been all smiles for Trump — so far.

Remember October 2016? When the color of a suit ranked as a presidential controversy, most opinion polls favored Hillary Clinton for the White House and Wall Street strategists couldn’t write enough on the seemingly improbable possibility that Donald Trump could become leader of the free world.

Those reports pretty much all suggested that stocks would drop if Trump were elected. They were, of course, spectacularly wrong. Even with the recent correction, the S&P 500’s total returns have approached 23% since Trump took office.

Still, it’s worth exploring what Wall Street was so concerned about.

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