Animal spirits have abounded in capital markets this year, and Wall Street financial behemoths are raking in the cash.
Whether it was Snap's much-ballyhooed initial public offering, Johnson & Johnson's blockbuster bid for Actelion, or Microsoft's mammoth bond issue, there has been a feverish climate for deals of various stripes.
In all, investment banks raked in $9.7 billion of revenue during the first quarter, according to data from financial analytics firm Dealogic. The total represented a 32 percent gain from the same period a year ago, thanks to record-setting activities across a number of markets and debt issuance.
The activity also represents some hard data showing that enthusiasm for President Donald Trump's agenda is turning into actual economic activity. Records of various sorts were set in mergers and acquisitions, IPOs and debt issuance.
"The political cycle and the two candidates that were running for president caused a real logjam in this kind of activity for a good part of 2016," said Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness.
"Everyone was on the sideline," he added. "Then you get an unexpected outcome from the election and that sort of animal spirits was the dynamite that opened up that logjam and you see this money flooding into the capital markets."