Investors are as sanguine about the stock market as they have been in almost a quarter of a century, according to one indicator, despite months of global political turmoil, showing comfort in strong corporate earnings and signs that the jobs market is humming.

Sunday’s election in France of centrist candidate Emmanuel Macron as president over far-right rival Marine Le Pen helped remove a major market overhang and gave investors confidence that stocks are unlikely to face a big selloff anytime soon.

The relative calm drove a widely watched measure of anxiety, the CBOE Volatility Index, or VIX, to its lowest level since 1993 on Monday. On Friday, the S&P 500 and Nasdaq Composite both hit new highs and were little changed Monday.

“People are not worried about a market selloff,” said Randy Swan, chief executive officer of Swan Global Investments, which manages $4.2 billion in options-based strategies. “I think the market’s going to go higher over the next several months,” he said.

Still, some investors interpret the VIX’s decline as a contrary indicator of where the market will go. Their view is that the VIX’s slumber—it has been stuck below its long-term average for months—suggests investors have grown too complacent. And some say investors are turning to other financial instruments to protect against a downdraft in stocks.