You don’t have to call it a Trump rally.

But some market specialists appear to be struggling to pin a name to the recent moves across global markets, which has pushed the S&P 500 index SPX, -2.37% , Dow Jones Industrial Average DJIA, -1.92% , the Nasdaq Composite Index COMP, -3.01% —and most recently the Dow Jones Transportation Average DJT, -1.06% —into record territory since President-elect Donald Trump’s Nov. 8 victory over rival Hillary Clinton. The Dow scored its 14th record close on Friday.

Read: Stop calling stock-market rise a ‘Trump rally’

Steve Barrow, currency and fixed-income analyst at Standard Bank, said in a Nov. 30 research note that “whatever fears might exist in some quarters about Trump’s win, some sort of animal spirits might have been spurred.” So-called animal spirits is an oft-used term on Wall Street coined by famed economist John Maynard Keynes to describe gut instinct. Or as Keynes explained, “a spontaneous urge to action rather than inaction,” in his book The General Theory of Employment, Interest, and Money.

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Also read: No sign of postelection euphoria in Fed Beige Book

A certain verve to scoop up assets has certainly appeared to be at play since early November.

Indeed, the Dow industrials as of Friday’s close have risen nearly 8% since the election outcome, the broad-stock benchmark S&P 500 index has climbed 5.6%, while the Nasdaq Composite has picked up 4.8% over the same 30-day period. The Nasdaq scored its first record close since Nov. 29 on Wednesday.

Meanwhile, the small-cap focused Russell 2000 RUT, -3.04% , which is most sensitive to economic prospects for the country, has jumped more than 15.2% since Nov. 8, according to FactSet data.

To be sure, the U.S. has been a shining star compared with its weaker sisters abroad when it comes to economic growth. The European Central Bank on Thursday said it planned on scaling back elements of its stimulus program but noted that it would extend it “if necessary.”

Barrow speculates that global growth has mostly stagnated in the aftermath of the 2008-09 financial crisis because the market didn’t put much faith in the tools, namely asset-repurchases and ultralow rates, that have been put in place by central bankers.

Read:Trump stock-market rally reflects expectations for new era of fiscal stimulus

By contrast, Trump has proposed a raft of fiscal-stimulus measures to upgrade the U.S.’s ailing infrastructure. The market now appears to be betting, in part, that the incoming leader of the free world will make good on those promises, which could inject a dose of spending that could create jobs and break a trend of economic stagnation.

As a result infrastructure companies, commodities associated with construction and bank shares, among other asset classes, vaulted higher.

Wall Street is euphoric over the possibilities.

“Reflations is getting the animal spirits up and will continue until the end of the year,” Doug Cote, chief strategist at Voya Investment Management told MarketWatch on Thursday as stocks were aiming to extend Wednesday’s strong rally. Reflation refers to expectations that inflation will return to a healthy level, signaling that the economy is growing. The Federal Reserve views inflation healthy at around an annual rate of 2%.

Bond markets, notably the U.S. 10-year Treasury note TMUBMUSD10Y, 0.677% , have been the most sensitive to the prospects of rising inflation.

Treasurys have been brutalized on expectations that the country will need to borrow more money to fund Trump’s plans for massive tax cuts as well as his infrastructure plans. Bond prices and yields move in opposite direction and yields on the 10-year note have catapulted to 2.39% from 1.6% at end of September.

Financial shares XLF, -2.23% are up about 19% in November, the best performer in the S&P 500’s 11 sectors since the election. Giant investment bank and Dow component, Goldman Sachs’s GS, -2.87% shares scored a 33% climb while J.P. Morgan Chase & Co.’s JPM, -1.62% shares were the second-best performing Dow component this month, up about 22%.

On the industrials front, Caterpillar Inc. CAT, -1.88% advanced 12.8% over the past month.

But debates rage about the impact of Trump’s proposals on trade, which put the U.S. on a more protectionist footing.

Check out: Gross warns investors of the ‘negatives’ of Trump policies

Strategist at Goldman led by David Kostin, U.S. chief strategist at the bank, described the 2017 outlook as a battle waged between hope that Trump can “make America great again,” as his campaign slogan vowed, and the fear that he might usher in more pain than promise. “In 2017, we expect the stock market will be animated by competing views of whether economic policies and actions of President Trump and a Republican Congress instill hope or fear,” the Goldman analyst wrote in a Nov. 30 research note.

They write that “hope” will dominate, pushing the S&P 500 to 2,400 in the first three months of the new year, representing a roughly 9% climb from its present level.

“The prospect of lower corporate taxes, repatriation of overseas cash, reduced regulations, and fiscal stimulus has already led investors to expect positive [earnings-per-share] revisions,” Kostin and company write.

Ultimately, though Goldman is setting a year-end outlook for a 5% gain for the S&P 500 by the conclusion of 2017, as fear curb those animal spirits.

“Our economists expect inflation will reach the Fed’s 2% target, labor costs will be accelerating at an even faster pace, and policy rates will be [a percentage point] higher than today. Rising inflation and bond yields typically lead to a falling [price-to-earnings] multiple.”

Strategist at J.P. Morgan in a note also on Nov. 30 said they are estimating a more optimistic 2,400 finish for the S&P at the end of 2017.

But in either case, market pundits are starting to make bigger wagers that a Trump presidency will be less than the disaster that many had feared.

Check out Mohamed El-Erian’s column on MarketWatch: What Trump needs to do now to keep the market rally going