A number of readers have chided me for saying the stock market went into convulsions after Trump became the apparent winner on Tuesday evening.
Following is one example:
How’s that stock market prediction working out for you? Who do you think could better supervise trade deals, a politician or a billionaire businessperson? I know he lost a billion dollars but few billionaires don’t on the way up. Have you met anyone who refused a tax break so they could pay more? You in the media are clueless and this election proves it. You only feed the elite what they want to hear.
Here’s my answer:
My description was actually right. “Convulsions” mean volatility. The markets swooned right after the election was called Tuesday night, and yes, the NYSE went up the following few days. (That part actually worked quite well for me because I own stock.)
From what I read in the business press, savvy investors remain skittish. After the 2008 financial meltdown commenced, the Dow hit record highs a few times before it collapsed. If Trump honors his promise to turn off trade, the investment community will run for the hills. Hope I can keep up.
Follow me: @FromaHarrop