The calls started coming early yesterday morning. The primary question being asked was universal and simple. Why was the Dow up more than 200 points at the open? Yes, Trump did a nice job on the speech, one caller opined. But shouldn’t the market be concerned about all the Fedheads talking about hiking rates in a couple of weeks?

So, folks wanted to know, what’s going on here? Why are stocks melting up again?

The way I see it, there are five reasons why stocks surged again on Wednesday. So, let’s run them down.

Reason #1 – All About Trump

To be sure, the markets were focused on what Trump had to say on Tuesday night. There were questions if the new President still planned to make good on certain campaign promises such as an economic stimulus package. There were concerns about how far Trump would push his protectionist agenda. And there were fears that the immigration issue might get even stickier.

But instead of the man who will say and/or tweet just about anything just to get attention, America was treated to a Trump that looked and sounded downright “Presidential.” A Trump that was upbeat and hopeful. And a Trump that hadn’t forgotten about the idea of spending a trillion or so on economic stimulus.

In short, the President acted like the new leader of the free world instead of the say-anything, headline-grabbing, realty TV star that showed up so often during the campaign.

Some folks called the speech Reagan-esque. Some applauded the unifying tone. And one commentator said that this was the Trump that people hoped for in the White House.

In other words, Trump delivered and the bottom line on the subject is Wall Street liked what they heard.

Reason #2 – The Fed

As someone who has followed the Fed for more than 35 years, I can certainly understand why the recent Fedhead commentary might be confusing. You see, normally if Fed officials had spent a lot of time talking up a rate hike that was to occur BEFORE the market was expecting said hike to take place, stocks would tank. Remember, the stock market does NOT like surprises – especially from the Federal Reserve.