Mr. Frederick pointed to the S&P 500 as evidence of Mr. Trump's impact, noting it was less effected by the selloff of Disney stock that helped drive down the Dow Jones Industrial Average. The consumer discretionary index was one of its biggest losers with a 0.47 percent drop.
U.S. stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of U.S. President Donald Trump's "fire and fury" warning to North Korea.
Stocks jumped early in the session after data showed USA job openings surged to a record high in June.
Politics also lifted USA defense stocks.
Bill Northey, chief investment officer at U.S. Bank Private Client Group in Helena, Montana, said the market's risk-off move on North Korea tensions has been relatively shallow.
The back-and-forth came on the heels of reports the US intelligence community has determined North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman and the Dow Jones U.S. defense index .DJUSDN was up 1.48 percent after hitting a record high.
Officials in North Korea said they were "carefully examining" a strike on Guam, which is home to around 163,000 people and two USA military installations and threatened a further "all-out war wiping out all the strongholds of enemies, including the US mainland" in a government statement.
"We are encouraged by our first-quarter performance, although we continue to believe that fiscal 2018 will be a transition year for our company, as we focus on laying the foundation for the future by executing on our strategic plan", he said.
BONDS: Bond prices fell. Japan's Nikkei 225 Index tumbled by 1.3%, while Hong Kong's Hang Seng Index fell by 0.4%. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in NY.
A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017.
The major averages have climbed off their lows of the session but remain in negative territory. Brent crude, the worldwide standard, lost 28 cents to $52.09 a barrel in London. While the U.K.'s FTSE 100 Index has fallen by 0.6 percent, the German DAX Index is down by 1.1 percent and the French CAC 40 Index is down by 1.5 percent. The Standard & Poor's 500 index fell 0.2 percent, to 2,474.92.