What a difference a year has made when it comes to how President Donald Trump views the stock market.
A year ago at this time when Trump was a candidate, he was calling the market "a big bubble." Now that stocks have rallied more than 11 percent since he stepped into the Oval Office, they're a sign that the business climate is "looking better than ever."
Trump tweet: Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen!
So which is it: A bloated beneficiary of overstimulated monetary policy, or an indicator that the business world is buying into the Trump pro-business rhetoric?
"As in most cases, there are three sides to every story, so probably neither of these is the correct assessment," said Carol J.S. Roth, head of Intercap Merchant Partners and a former investment banker who now advises entrepreneurs. "The market certainly today has more downside risk than upside risk. At the same time, I don't think there's any reason to be particularly bearish, either. The truth, as always, lies somewhere in the middle."
The market has scaled multiple new highs since Trump took office in January. In all, the Dow Jones industrials have gained about 11 percent over that period and this week crossed the 22,000 barrier for the first time. The Dow has gained just more than 20 percent since Election Day.
How much Trump has had to do with any of it is debatable.
The market trajectory clearly turned higher after the election on hopes that the president's agenda of lower taxes, less regulation and a spending boom for the nation's ailing infrastructure would be market-positive.