Wall Street theory is you didn't need Trump to lift earnings

Analysts say corporate earnings, after an 18-month meltdown, are starting to climb robustly. This reflationary process was already under way before Trump.

New York

THE 2017 stock market: a celebration of Donald Trump's presidential promises, or the byproduct of influences that predate his election? A cohort of Wall Street strategists is leaning towards the latter. Yes, stocks started gaining hours after his victory, and yes they've rarely slowed down since as gauges of business sentiment boomed. But one pillar of the rally has been strengthening for months with little help from the executive branch.

It's corporate earnings, which after an 18-month meltdown are starting to climb with the robustness that marked the bull market's first six years. Presidential inducements are fine, but to some Wall Street bulls they're not the reason S&P 500 Index income...

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