Donald Trump’s return to the White House was cause for celebration on Wall Street. In the month after Election Day alone, the S&P 500 Index jumped more than 5%, adding some $2.8 trillion in value, on the expectation that the new administration would juice the economy.

Then, even as enthusiasm eased as the calendar turned to 2025, mainly on concerns tariffs and deportations could stoke inflation, stocks remained at or near all-time highs. The S&P 500 hit a record on Feb. 19, putting it up 6.3%, or about $3.4 trillion, since Election Day.