What you need to know on Wall Street today

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The stock market doesn’t revolve around Donald Trump, regardless of what the president tries to claim.

Sure, politicians and their supporters like to take credit for good news, no matter where it comes from. And it’s true that Trump inspired a rally immediately after the election — something Business Insider noted in a recent assessment of the president’s market proclamations — but for the past several months, other factors have lifted stocks to all-time highs.

Business Insider spoke with the managers of three multibillion-dollar funds, and they all say the so-called Trump bump has faded. While they think any tax plan that Congress passes could renew the president’s influence on stocks, they credit the records to factors outside the president’s control.

And interestingly enough, they each provided a different reason, which speaks to the fact that a great deal is going right for the US market outside Trump.
Here’s what they had to say.

Trump has indicated he is close to making a decision on arguably his most powerful economic appointee: the next chair of the Federal Reserve. Here’s what you need to know about his final five candidates for Fed chair.

In Wall Street news, a fund chief at $US2.6 trillion giant State Street says America’s hottest investment product is warping the stock market. And American Express’ CEO is stepping down.

In fintech, Betterment, the investing startup that’s attracting $US12 million a day, is now valued at $US1 billion in private market trading. Startup Tezos raised $US232 million issuing a new digital currency, but now key players are fighting. And we asked cryptocurrency experts to respond to Jamie Dimon’s bitcoin bashings — here’s what they said.

In deal news, Google’s parent company just led a $US1 billion investment into Lyft — valuing it at $US11 billion. An Alibaba-backed fintech company founded by a 34-year-old just had an amazing IPO. And MongoDB skyrocketed 30% on its first day of trading.

In London, police are raiding offices after people lost £18 million to “boiler room” scams. London Stock Exchange CEO Xavier Rolet — one of the City’s loudest voices on Brexit — is to step down at the end of 2018. And Goldman Sachs CEO Lloyd Blankfein trolled the UK on Twitter.

Thirty years ago, the Dow Jones industrial average plunged by 22.6% — a gut-wrenching 508 points — to 1,738.74 on what is now referred to as Black Monday. Here’s what you need to know:

And in other markets news and views:

Lastly, the country’s most elite boarding school has an Instagram that’s like “Humans of New York” crossed with a J.Crew catalogue.

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