The Dow hit 20,000 on January 25. What has been called "the Trump Bounce" should now be redefined as "the Trump Moon Bounce." Stocks are up by more than 2,000 points since the Trump election — a 10 percent gain in mere weeks.
Not bad. Taking into account the gains in other indexes, the nation’s wealth has exploded by at least $2 trillion since the election.
Talk about a honeymoon. Anyone who owns stock either in a retirement account or as individual trader should be singing "Ode to Joy."
So few saw it coming. Economists like Mark Zandi predicted that a Trump presidency would crush the stock market and the real economy. Paul Krugman was asked the morning after the election and after the market had dropped by more than 500 points when stocks would stage a comeback. "Never," he said. And he has a Nobel prize. Maybe he should give it back.
Is this the start of something really big or an episode of irrational exuberance?