However, the markets retreated Wednesday on reports that President Donald Trump said China tariffs will stay in play until Beijing complies with a potential agreement.

“We’re cautious,” Gene Goldman, chief investment officer at Cetera Investment Management, told the WSJ, noting that much of the positive news about trade and central-bank policy is being factored in by investors. “You’re not all of a sudden going to see data turn around.”

Investors are also taking a more cautious tone as many try to prognosticate how much longer this decade-lone bull can run, with S&P 500 profit growth expected to slow this year after the impact of the Trump administration’s tax policies wane.

“At the same time you saw an administration provide all this fiscal stimulus, they basically offset it by launching a trade war,” Liz Ann Sonders, chief investment strategist at Charles Schwab, told the WSJ. “So we’re in uncharted territory in trying to gauge the impact it’s going to have on earnings, the economy, on animal spirits and confidence.”

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