Investor optimism has risen to a nine-year high as the stock market has climbed to record highs following the election of Republican Donald Trump as president.

The Wells Fargo/Gallup Investor a534870-Megan-Fox-Call-of-DutyFeatures-Star-inEpicnd Retirement Optimism Index increased in November to 96 from 79 in the third quarter. The benchmark for retired investors increased 36 points to 117, and by 11 points to 89 among non-retired investors.

The S&P 500 stock index has gained about 7 percent since Election Day to a record high, while the Dow Jones industrial average has roared 9 percent on its way to the 20,000 mark.

“Rising investor optimism and the stock market reaching all-time highs is great news to end the year on, but it isn’t necessarily driving investors to put their money into the markets,” Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, said in a statement. “Investors are more interested in the markets, but it takes time for this optimism to translate to flows into the stock market, especially when investors have been cautious for so long.”

Bright Future

Of the seven index components, investor optimism improved the most on the 12-month outlook for economic growth. Fifty-seven percent of investors, up from 45 percent in the third quarter, are now optimistic about economic growth while only 27 percent are pessimistic, down from 35 percent.

Investors’ outlook for unemployment also improved in the fourth quarter, with 52 percent optimistic, up from 47 percent. Fifty-four percent of investors are now optimistic about the stock market. That is little changed from 51 percent last quarter but sharply higher than in the first quarter of 2016 when it was 32 percent.

The Wells Fargo/Gallup Investor and Retirement Optimism Index fourth-quarter survey was conducted by telephone with 1,012 U.S. investors November 16-20.

The index last approached the current level in May 2007, prior to the 2007-2009 recession, when it registered 95.