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https://www.nytimes.com/2020/03/18/business/stock-market-today.html?emc=edit_na_20200318&ref=cta&nl=breaking-news&campaign_id=60&instance_id=0&segment_id=22354&user_id=8cbf35c306e720c7e6384d1bf32ec141®i_id=22098736#link-34b5baf3


https://content.markitcdn.com/markets.on.nytimes.com/research/tools/builder/api.asp?sym=%24DJI&duration=1153&chartstyle=SectionFront&w=360&h=220&display=fillclip&scale=2&topLabel=%20&showChange=0&backgroundColor=FFFFFF&fillColor=eee&line1Color=333



As it rose to record heights, the stock market had perhaps no bigger cheerleader than President Trump, who has seen the rally as an endorsement of his economic policies and crowed about the gains throughout his presidency.

But stocks have been falling for a month, and the severity of that drop has all but wiped out the gains that followed Mr. Trump’s inauguration. In intraday trading on Wednesday, the Dow Jones industrial average fell below its pre-inauguration closing level 19,732 before recovering slightly. The S&P 500, a better measure of the broader market, is still slightly above its pre-inauguration level.

Mr. Trump’s victory in 2016, along with the Republican Party’s control of Congress, set off a surge in share prices as investors looked forward to the prospect of steep cuts to corporate tax rates and an administration stocked with industry-friendly faces.

In December 2017, Mr. Trump delivered a sweeping tax overhaul. By the following month, the S&P 500 was up more than 30 percent, and the gains kept coming for much of the year. For Mr. Trump, this was a surefire barometer of his success as president.

There was one other nasty dip along the way: In late 2018, investors grew increasingly worried about Mr. Trump’s trade war with China and the prospect that the Federal Reserve would raise interest rates. But with the economy still growing, the job market strong, and the Fed reversing course on its plan to raise interest rates, the market overcame that dip and climbed nearly 30 percent.

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