The Sin Index is Rising on Wall Street
Wall Street wasn’t initially sold on a President Trump — typically markets hate uncertainty and he seems to bring it by the metric ton. But, it’s been a solid first-quarter performance for the market since Trump was elected, with all three major indexes — the Dow, S&P 500 and Nasdaq — hitting new highs in recent weeks as traders cheered Trump’s pro-business agenda.
“I’ve made a million dollars since the election,” a managing director at a bulge-bracket firm said. “Our stock is up every day.”
And, when traders are making money … they’re also spending it. There’s a direct correlation between finance professionals’ day-to-day business and their discretionary spending. Luxury or high-end items, such as automobiles and entertainment usually get a boost when Wall Street is feeling good.
