With Donald Trump and Hillary Clinton both calling for massive infrastructure spending, the stock market stands to benefit from either candidate winning the White House, RBC Capital Markets' chief U.S. market strategist told CNBC on Friday.
Jonathan Golub said on "Squawk Box" he believes the candidates will follow through on their fiscal stimulus promises that could boost the economy and the market, but stressed there's "no guarantee." He warned, "I wouldn't try to get ahead of that trade."
Republican presidential nominee Trump told CNBC last week it's time to "borrow long term" to rebuild roads, bridges and airports because interest rates are so low. Trump wants to spend nearly double the $275 billion over five years that Democrat Clinton has proposed.
"If we take the U.S. economy from a little over 2 percent to even 2.5 [percent], the impact that's going to have on markets and confidence can't be overstated," Golub said.
He said he does not think more government spending would necessarily be the right policy for the nation, but he believes it's coming and the market will like it.
The Dow Jones industrial average, the S&P 500 and the Nasdaq composite headed into Friday with small gains for the week. The three stock benchmarks, based on Thursday's close, were less than 1 percent away from Monday's intraday highs.
Another factor that should support the market going forward is earnings, Golub said. "The last four quarters of negative earnings were all about the energy sector. And that drag is behind us. In the back half of the year, you're looking at like 4 [percent] to 5 percent growth."
Oil prices were steady around $48 per barrel early Friday, after U.S. crude surged 3 percent Thursday on continued hope producers could agree on measures to support prices. The American benchmark, West Texas intermediate crude, was up nearly 8.4 percent for the week as of Thursday's settle.