Wall Street’s so-called fear gauge dropped this week as U.S. stocks continued to set record highs, with investors appearing encouraged in part by the White House’s progress on the global trade front.

Friday marked another winning day for the S&P 500 and Nasdaq, as both indexes posted fresh all-time intraday and closing highs.

A proposed trade deal with Japan gave Wall Street the excuse it needed to keep stocks moving upward, despite problematic earnings reports and manufacturing data.

Strong earnings and continued spending from Alphabet boosted the broad S&P 500 and tech-laden Nasdaq to fresh record highs.

So far this week, the S&P 500 has ended every day at a new high. The moves have been modest—on Thursday, the index advanced just 0.07%—but this is the longest streak of closing records since December,

The VIX (Volatility Index) fell to a new local low of 14.95 yesterday, marking its lowest level since late February - coinciding with stocks hitting new highs. This reflects declining investor fear but also raises the possibility of a short-term market top.

The Dow feels pressure, weighed down by a steep fall for IBM, while the S&P 500 and Nasdaq climb to another round of records and meme-stock mania resumes.