Key Points:
Nearly two years into President Trump’s first term, S&P 500 gains are the second best (after FDR) of the last 15 first presidential terms on a six-month, one-year, and two-year basis.
Also fairly abnormal are the very strong S&P 500 gains (+45%) since Republicans took control of all three branches of government in 2016. A one-party takeover has led to weak average market returns in the past.
The normal weak seasonality in midterm election years (Q3) has been absent thus far in 2018.
