Lots of journalists are suspicious of Wall Street and free markets. But when it comes to President Donald Trump, are investors smarter than many of those same journalists?

During a Wall Street Journal interview, Trump claimed that Apple Inc. promised to build “three big plants, beautiful plants” in the United States. This prompted a double-take from Shira Ovide, technology columnist for Bloomberg Gadfly, a commentary section at Bloomberg.

“I have no idea what the president meant, and Trump didn't elaborate in the interview,” she writes. “Clearly the president wants to take credit for convincing the world's most valuable public company to start making iPhones in U.S. factories that hire U.S. workers. It's a pledge Trump made when he was campaigning for president. But there is a zero percent chance this is true.”

“Apple doesn't build or operate factories — except a lonely one in Ireland that manufactures some Mac computers but exists mostly for tax reasons. Apple made itself an American success story by helping to create one of the world's most intricate manufacturing and production networks — in Asia, owned and operated by Apple's corporate partners in Asia, employing people in Asia. This won't change by U.S. presidential decree.”

Where she gets really interesting is noting the dilemma of parsing Trump's words. “This is the impossible situation faced by both the political and the business press in trying to write about public figures who should be authoritative sources, but can't be believed.”

No matter what Trump says, a “made in America” iPhone isn't coming, nor is any other manufacturing facility of the company. If it made such an announcement, “its stock price would be tanking.” In fact, its stock went up Wednesday. “Investors by now know not to take the president's comments literally.”

I asked Ovide if it were possible that Wall Street is more bloodlessly accurate than some journalists in interpreting Trump.

“Yes. I think investors have learned to take Trump seriously but not literally, to use that abused line.”

Lead of the day

Ross Douthat in The New York Times:

"Donald Trump’s campaign against his attorney general, Jeff Sessions, in which he is seemingly attempting to insult and humiliate and tweet-shame Sessions into resignation, is an insanely stupid exercise. It is a multi-tiered tower of political idiocy, a sublime monument to the moronic, a gaudy, gleaming, Ozymandian folly that leaves many of the president’s prior efforts in its shade."

CNN news flash

I looked at my phone last night and there was at 8:34 p.m. from CNN: "Your most intense workouts could put you at risk for a dangerous condition." So it's not just the president we should be worried about. Beware of elliptical trainers.

An "ambassador" for listeners

Adam Payne, a loyal listener of New York City public radio station WNYC, served as "ambassador" for the station in relaying listener concerns at a meeting of the major transit agency yesterday. The system is a mess right now and has prompted a political fight between the mayor, Bill de Blasio, and the governor, Andrew Cuomo, brother of CNN's Chris.

He passed along a list with details of grievances of 300 listeners who have written the station. He's bound to a wheelchair with ataxia, which impacts coordination and speech. Here were some of his specific suggestions.

Headline of the day

"That Joe and Mika New York magazine cover is why everyone hates the media." (National Review)

"When journalists willingly make themselves the center of the story, ordinary voters shake their heads in disgust."