raders work on the floor of the New York Stock Exchange during morning trading on October 27, 2025 in New York City. Photo by Michael M. Santiago

Donald Trump’s re-election was supposed to deliver a booming stock market. It’s done that, just not for the reasons prognosticators anticipated.

The S&P 500 index has surged 18 per cent since Trump’s Nov. 5 presidential win, ending October on a six-month winning streak and at an all-time high. The run started on expectations an economic boom would follow Trump’s plan to slash taxes and regulations.

While he has largely delivered the cuts, his attempts at a wholesale re-write of United States trade policies, often in fits and starts, are the market narrative he’s most responsible for. Tariff threats and walkbacks have sent a measure of pol

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