After all the Michael Flynn scandals and overturned executive orders and middle-of-the-night disruptive tweets, Wall Street believes one thing above all — that the Trump administration will survive and the U.S. economy will thrive.
There's pretty much no other way to account for the way financial markets have managed to ignore the tumult in Washington and continue to reach new record highs.
"This indeed is the Teflon market," David Rosenberg, senior economist and strategist at Gluskin Sheff, said in a daily market note this week. "Even investors who were screaming to sell the market if Trump got elected just ahead of last November's vote have become some of the most vocal cheerleaders."
The lead-up to President Donald Trump's improbable victory did feature a parade of Wall Street experts who believed the economy would slump toward recession and the equity bull market would come to a screeching halt should the billionaire businessman prove victorious.
Those voices are largely silent now, though some warn that Trump's loose lips may yet sink Wall Street's ship.
However, the stock market has followed a nearly straight line higher since the election, with the S&P 500 gaining 9.8 percent.