Wall Street’s enthusiasm for a business-friendly president backed up by a Republican Congress was so intense in late 2016 that markets coined a new term just to describe it.

The so-called “Trump trade” was a bet that, as president, real-estate mogul Donald Trump would succeed in loosening growth-stifling regulations and cutting taxes, ushering in an American economic renaissance. The S&P 500 surged 25 percent in steady gains between Trump’s surprise victory on election night and the end of his first year in office.