Wells Capital Chief Investment Strategist Jim Paulsen said Tuesday a potential "global, synchronized pop in growth" could extend the bull market.
Dollar weakness supported U.S. stocks earlier this year as multinationals prepared to report first-quarter earnings, and greenback-denominated commodities like crude oil rallied. Now, the dollar weakness is beginning to scare investors, Paulsen said, but he's not sure it should.
"Most people look at it as what's driving the dollar is the policy differential between the United States and everywhere else, and I think it's more about the growth differential," he told CNBC's "Squawk on the Street."
Paulsen said he believes the dollar is coming off highs because U.S. growth is weakening while economic activity is picking up in other parts of the world, and not because monetary policy has further diverged.