President Donald Trump often notes the strong performance of the US stock market since his upset victory last November.
The S&P 500 Index is up about 17% since his win.
But, as Bespoke Investment Group notes in a smart post, the US stock market has performed less well relative to the rest of the world.
As Bespoke points out:
“Even though the S&P 500 has blown out to new all-time highs on a regular basis since the end of 2016, the country’s share of total stock market cap has been falling. The reasons? Other countries have seen their stock markets perform even better than the US, and the US Dollar has been falling.”
The US represents about 34.7% of world stock market capitalization.
That’s down from more than 38% at the start of the year.
The US stock rally has kept moving from strength to strength during Trump’s watch.
But when you factor in the weaker US dollar and bull markets elsewhere, in my opinion, the Trump Bump is less impressive.