HOW IT STARTED: “If the question is when markets will recover, a first-pass answer is no.”

—Paul Krugman, the New York Times, Election Night 2016.

How it’s going: S&P 500 closes lower Wednesday, but wraps 2025 with a 16% gain.

—CNBC, yesterday.

The Dow Jones Industrial Average closed on Election Night 2016 at 18,332.74. It closed yesterday at 48,063.29. That’s a gain of almost 30,000 points. For 2025, those zany right-wing Tory-loving capitalist “greed is good” Gordon Gekko types at the Grauniad reported yesterday that “The Dow Jones Industrial Average gained 13.4% during 2025. The tech-focused Nasdaq Composite rallied 20.5%.”