Aug 18, 2017

Stocks get a Bannon bounce

Wall Street is reacting positively to news that Steve Bannon is out as senior advisor to President Trump.

Axios' Jonathan Swan first reported at 11:13pm ET that Bannon was likely a goner, which caused the Dow Jones Industrial Average to gain more than 60 points over 20 minutes. The momentum then kept going, with another mini-spike after a the NY Times' Maggie Haberman tweeted that a decision had been made.

Data: Money.net; Chart: Andrew Witherspoon / Axios

Confetti: CNBC reports that floor traders on the New York Stock Exchange cheered the news.

Contrast: Stocks yesterday had their worst session in months, partially due to rumors that former Goldman Sachs president Gary Cohn could step down as Trump's top economic advisor, thus potentially threatening tax reform.

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The coming Wall Street battles over climate change

Extinction Rebellion climate activists protest on Wall Street in October. Photo: Erik McGregor/LightRocket via Getty Images

A pair of events over the past few days offers a preview of upcoming investor efforts to push some of the world's largest companies to get more active on global warming.

Why it matters: Shareholder pressure is becoming an increasingly important driver of corporate decision-making at a time when national governments' political will on climate is uneven at best.

Go deeperArrowDec 17, 2019

When war pays dividends

Illustration: Aïda Amer/Axios

War. What is it good for? The stock market, it turns out.

The big picture: Don't pay too much attention to short-term stock-market gyrations. When you take a step back, it looks like war tends to be good — not bad — for American stocks.

Go deeperArrowJan 9, 2020

2019 stock market gains still leave Trump behind his predecessors

Data: FactSet; Chart: Axios Visuals

The S&P 500 has jumped 42% under President Trump — according to market data from the inauguration through 2019's final day of trading.

Why it matters: Trump uses the stock market's surge as a barometer of his presidency's success — one that, along with the 50-year low unemployment rate, he's sure to continue to tout as the 2020 election approaches — but the gains under him lag those under former Presidents Barack Obama, when stocks rebounded from the lows of the financial crisis, and George H.W. Bush.