V is for victory. V also represents the shape of the stock market’s trajectory as Donald Trump’s historic upset will likely recharge this bull market which had been languishing until he clinched the White House, according to analysts.

The Dow Jones Industrial Average DJIA, -1.92% soared to new heights, adding 5.4% for the week, its biggest weekly gain since December 2011, while the S&P 500 SPX, -2.37% rose 3.8% on the week, the strongest since October 2014. The Nasdaq Composite COMP, -3.01% had its best week since February, finishing the week 3.8% higher.

The gains were driven as much by relief over the end of the presidential election, which had been hanging over the market like a wet blanket, as by investors repositioning portfolios to prepare for what many expect will be ramped up fiscal spending.

Read:Trump happened: What it means for stocks, bonds, other markets

“Markets have so far given this result the benefit of the doubt, embracing the potential boost to growth and inflation that could come from a shift in the policy mix,” said Deutsche Bank analysts in a special report released Friday.

That the election coincided with a recovery in earnings and a more upbeat outlook on the economy will juice stocks higher in a “V-shaped rebound” that was already in progress, according to Binky Chadha, chief strategist at Deutsche Bank in a separate note.

The third quarter marked the beginning of a robust recovery in earnings growth, suggesting corporate profits could grow 8% to 10% next year, Chadha said. A similarly steep pick up in economic growth as exports and capital expenditure bounce back all point to “attractive upside calls” for stocks.

Read:Trump doesn’t deserve credit for the Dow’s rally

Analysts at Goldman Sachs, meanwhile, said questions about corporate taxes have been the single most frequent topic of discussion this week.

As part of his economic platform, Trump had pledged to slash the 35% federal tax rate for some of the biggest U.S. companies to as low as 15%.

If implemented as promised, it will make the U.S. corporate tax rate among the lowest rather than the highest in developed economies, according to analyst Ben Snider at Goldman Sachs.

Goldman Sachs

The president-elect has also proposed exempting overseas revenues from taxes, paving the way for multinationals like Apple Inc. AAPL, -4.19% to repatriate money parked abroad.

Read:What President-elect Trump means for every U.S. industry

If regulations are modified where the gap between the statutory rate and the average rate paid by U.S. companies is narrowed, the new effective tax rate could be between 20% to 25%, according to the analyst.

Given that each percentage point change in the tax rate is equivalent to about $1.50 of S&P 500 earnings per share, a drop in the effective tax rate to 20% could boost 2017 EPS forecast by at least 8%, he said. “This would represent nearly 20% growth versus 2016 compared with our current forecast of 10%,” wrote Snider.

But not everyone is on the full-steam-ahead bandwagon.

Technical strategist Tom DeMark told MarketWatch that the S&P 500 will likely peak at 2,213 by Wednesday and then crater.

“Expectation is for U.S. stocks to endure at least 11% decline after top recorded,” he said.

Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch, likewise warned of downside risk as well as heightened volatility. “The lack of clarity around Trump’s policies — from feasibility to prioritization — will likely weigh on sentiment and pressure already muted business investment,” she said in a note.

The strategist, who has been a consistent voice of caution even as stocks scaled dizzying heights this year, maintained her year-end target for the S&P 500 at 2,000.

In the longer term, the rise in margin debt — funds borrowed to buy stocks — to its highest level since the financial crisis is a sign that risk levels are rising, said Brad McMillan, chief investment officer for Commonwealth Financial Network. “I don’t think this is necessarily an immediate risk, but we need to keep our eyes open,” he said.

Brad McMillan, Commonwealth Financial Network

In light of the unfolding tectonic power shift in the nation’s capital, corporate earnings are likely to take a back seat for the time being.

So far in the third quarter, the blended earnings growth rate for the S&P 500 is 2.9% with 71% of S&P 500 companies reporting earnings above the mean estimate, according to FactSet.