Nice spin, but it's mostly an illusion. Trump is an embarrassment abroad. The market, which could care less whether Merkel or Theresa May think Donald is a jerk, is a continuation of the recovery started in June, 2009. The impetus is multivariate. The most important factor, as always in bull markets, is a rising market itself. This brings in more sidelines money for fear of missing out and causes acceleration of the trend. Premature , inexperienced shorts with weak hands add to the impetus as they cover, and finally, but critically important, dollar weakness is adding to the momentum. (Never view the market in isolation from the dollar futures! If the dollar futures and equities market begin to move in lock-step opposition that tells you that the dollar has become a dominant factor. Under that circumstance, a change in the dollar futures trend on a longer time scale becomes a harbinger of a correction to follow.) Later on, accelerated deficit spending, which Republican leadership was so anxious to get going before November, will continue the good times. There is also, riding on top of these other factors, the wealth effect which tends to goose consumption demand and earnings, and then dissipate as the market corrects, which it eventually will. I have described for you the usual market cycle and the sub-cycles contained within, and what to keep an eye on. (There will be no charge for this free lesson.)
The recent tax cut rushed through Congress, was an extraordinary event, having been pushed through in a panic to get it implemented, days later, and leaving tax accountants flummoxed. But it was in time, nevertheless, to influence the critical November election. This tax bill will produce greatly accelerated deficits, as the cuts will be out of balance with spending reductions. Since the deficits are coming at a time of near full employment, rather than in recession, we should see a rather dramatic boost in the economy accompanied by an up-tic in inflation -- both these phenomena will boost the equities market. Trump, though he has not a clue what he's doing, can take credit for helping to achieve a sense of plenty in a dire emergency -- at least from the Republican leadership point of view. He can also take credit for causing a lot of folks to jump into the equities market for fear of missing out. They'll also jump back out near the bottom when the correction comes.
Logically, market measures should be discounted for inflation, productivity and population growth, but the public, including seasoned stock investors and the media, think in nominal terms, and that's what dictates emotion. There is still more money on the sidelines. Check back after July 4th, or either when Mueller issues his report or when Melania pulls a gun on the Donald, which ever comes first .