Yet those concerns have yet to halt the stock market’s seemingly unstoppable advance. Mr. Trump has repeatedly pointed to record highs in the Dow as a validation of his administration, posting on Twitter on Tuesday morning:

“Stock Market could hit all-time high (again) 22,000 today. Was 18,000 only 6 months ago on Election Day. Mainstream media seldom mentions!”

And while it is true that there has been little in terms of legislative action to back up his boast, investment experts say that the president’s promise to slash regulations and cut taxes — even if unfulfilled — has stoked long-dormant animal spirits among investors. That corporate earnings are excelling and the global economy is growing faster than many expected has only added to the bullish vibe.

“Whether you like the administration, the people, the rhetoric or not, there is no overstating just how powerful the animal spirits have been,” said Atul Lele, chief investment officer for Deltec International Group, an investment firm based in Nassau, Bahamas. “You are seeing it in the data and it is evident in the financial markets as well.”

While there is no doubt that the animal spirits have done their work, just as important to the market’s recent rally has been the significant fall in the dollar — not just against the euro and the yen, but against more volatile currencies like the Mexican peso and the Brazilian real.

Even the Chinese renminbi, once criticized by Mr. Trump as artificially low, has gained value against the dollar, climbing more than 3 percent for the year.