Markets in across Asia, including New Zealand's NZX, Australia's ASX and Japans' Nikkei all joined the rally.
But fears are growing that markets are getting ahead of themselves.
The steeper the rise, the further they have to fall if he fails to deliver a workable plan.
Analysts are talking about "implementation risk".
Market expectations that he might deliver some more specific details about his tax policies and plans to fund infrastructure were carefully played down by his administration in advance of the speech.
The speech offered few new proposals and Trump made no suggestions on how he would pay for his plans, including a replacement of Obamacare, a tax overhaul including cuts for the middle class, US$1t in infrastructure investment and a large increase in defence spending.
It was also strong on immigration, and law and order but there was no specific reference to import tariffs which some analysts interpreted optimistically as lowering the risk of an international trade war.
But broadly there was a sense that no new gaffes or radical policy announcements was good news and means business as usual for investors.
And right now that seems to be: buy the Trump story until there is a reason not to.
-additional reporting Bloomberg
