The stock market remains in a trance, hovering just below the Dow 20,000 threshold while it awaits clarity on what President-elect Donald Trump will do. Initial post-election optimism is fading somewhat -- especially after Wednesday’s contentious and combative press conference -- as evidenced by renewed interest in safe haven assets like gold and Treasury bonds.

The conventional wisdom is that Mr. Trump’s aggressive fiscal stimulus plans will boost the economy via tax cuts and spending increases. This is a reason the Federal Reserve raised interest rates last month and has penciled in three more quarter-point hikes in 2017.

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