How Is Wall Street Doing in the Trump Era? It Depends.

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The Wall Street Journal says that Wall Street is booming again:

Shares in America’s banks are booming again….Investor expectations of higher interest rates, lower taxes, lighter regulation and faster economic growth under the Trump administration have added $280 billion in combined market value to the nation’s six largest banks since Nov. 8.

….Bank stocks overall have outperformed broader stock markets since the election. The roughly 27% gain since Nov. 8 for the KBW Nasdaq Bank Index is around three times that of the S&P 500.

Yes…but. You can make almost any case you want for Wall Street depending on how you choose your starting and ending points. For example, here are five big bank stocks in the first month after the election:

Bank stocks kicked ass in the first month after the election. The S&P 500 is the thick dotted purple line, and big banks outperformed it by 15-30 percent. Now here are the same stocks in the two months since then:

Bank of America and JP Morgan have gone up an anemic 5 percent, about even with the market. The others haven’t even done that well. But if you decide just to focus on the past two weeks, here’s what bank stocks look like:

Once again, the big banks are all outperforming the market. So how is Wall Street doing? It all depends on how you look.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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