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Can stocks move higher this year?

Stocks will continue to rise into the year end, but most gains have already been seen, said Anastasia Amoroso, JPMorgan Funds global market strategist, on Monday.

"We have seen the bulk of the upside here frontsided in the month of October," she told CNBC's "Power Lunch." "But I don't think we're out of the runway here yet. I think there is more to it."

Amoroso pointed to a bright spot at the intersection between the consumer discretionary and tech sectors during the holidays. "We are going to benefit from a very robust delivery season," she said.

She also said markets could move higher depending on what the Federal Reserve does. "If the Fed tells them this is policy normalization, and not policy tightening per se, then I think stocks can move higher from here."

Burns McKinney, NFJ Investment Group portfolio manager, also said that the Fed's decision could weigh on the financials.

"It's looking a bit more likely that from the discussions last week, the Fed in fact might raise rates in December and financials benefit from that," he said in the same interview.