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Recent stock market volatility surprised some investors who’ve enjoyed the S&P 500’s roughly 9% rise since Election Day. We’re looking at two things — Trump administration initiatives and corporate earnings — as we consider the stock market’s future, but a little volatility isn’t a bad thing, as long as you take a long-term approach to investing.

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Municipal bonds appear attractive after last week’s fed funds rate hike, but they still face some uncertainties with possible tax rate and policy changes from the Trump administration. This could create some volatility for munis—and also some opportunities.

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The oil market was in a deep funk leading up to this week’s Fed meeting, but new numbers that came out Wednesday helped it gain back some lost ground. Now, it’s trying to determine the market price that brings supply and demand into equilibrium.

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There’s an ancient Wall Street rule-of-thumb known as “three steps and a stumble” – that after the Federal Reserve raises interest rates three straight times, stock prices tend to lose some ground – and we’ll soon see if that old adage still has sway.

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Since the November election, the U.S. stock market has charged forward mostly on faith that President Trump will be able to follow through on his campaign pledges to significantly boost economic growth. Now the market has to decide if it will continue giving him the benefit of the doubt.

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