The U.S. stock market has added nearly $6.9 trillion in market cap since President Donald Trump was elected, already close to half of what was added in all eight years of President Barack Obama’s tenure.
The market cap, based on the Russell 3000, surpassed $30 trillion for the first time last week and was at $30.6 trillion Thursday, according to Bespoke.
“I think the performance in the first year has exceeded almost everybody’s expectations,” said Paul Hickey, co-founder of Bespoke. Hickey uses the Russell 3000 to measure overall market cap, since it represents about 98 percent of all U.S. stocks.
When Trump was elected, stocks rose out of the gate after an initial late-night collapse in futures prices. After that, the market rewarded stocks and sectors that would benefit from the “Trump trade” and Trump’s pro-growth policies.