Trump Euphoria Turns to Market Frustration

After initially posting a remarkable jump after the election in November, U.S. stocks have hit a roadblock. Since mid-December the Dow Jones Industrial Average has made many attempts to reach the mythical 20,000 mark, but has so far failed. What at first could only be described as unbridled optimism about the pro-growth policies put forth by Donald Trump has faded somewhat.

Experienced investors shouldn't be surprised: The difference between expectations and reality is disappointment. Although it's still early days for the Trump administration, the failure to fulfill campaign promises is a hallmark of modern U.S. presidencies. And with close to $20 trillion in debt, and as much as $200 trillion in unfunded entitlements obligations, it is difficult to see how Trump can fulfill all of the expectations for fiscal stimulus that are priced into the market.