Stephen Gandel, Columnist

That Hiss Is Coming From the Trump Bubble

The market is growing increasingly skeptical that Trump's pro-business agenda can survive the other chaos.

August 18, 2017 at 6:39 PM UTC

Stephen Gandel is a former Bloomberg Opinion columnist covering banking and equity markets. He was previously a deputy digital editor for Fortune and an economics blogger at Time. He has also covered finance and the housing market.

1503078999_GettyImages-661902718 — Photographer: Drew Angerer/Getty Images

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The Trump bubble has sprung a leak. The question is how far it will deflate before it can be mended, or whether it even can. The good news for the market is that reports about the departure of adviser Stephen Bannon from the White House seemed to be something of a patch, but for how long is anybody's guess.

The Dow Jones industrial average at mid-day Friday had fallen about 350 points since President Donald Trump backtracked on an earlier statement condemning the racist groups that marched in Charlottesville, Virginia, last weekend. Business leaders fled his advisory panels en masse until Trump decided to abandon them altogether.