Stocks have endured a wild ride over the past few sessions, rising on expectations Hillary Clinton would win the presidential election before tanking as Donald Trump pulled out a surprise victory and then surging on the day after his win.
All told, the schizophrenic rally has been good for a 3.74 percent rise in the this week. If the index can hold on to those gains through Thursday and Friday, then this will officially be the market's best week in more than two years.
After showing a great deal of nervousness over the uncertainty that the Trump win could engender, "the market is seeing Trump as the growth president," macro strategist Boris Schlossberg of BK Asset Management said Wednesday on CNBC's "Power Lunch."
Referring to the candidate's early Wednesday acceptance speech, Schlossberg said, "His message yesterday was spend, spend, spend, increase demand — and I think the market is seeing this very much, and stocks have just been unleashed to [nearly] record highs."
In that speech, Trump referred to his background in real estate when he said, "We will begin the urgent task of rebuilding our nation." "We are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals. We're going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it."
This emphasis on infrastructure will lead to "massive spending," which is "really going to juice up the first half of next year," Schlossberg said.
This would also explain the action in the bond market. Yields surged, in what many said reflected a belief that the U.S. would take on more debt, and perhaps that above-trend economic growth and thus inflation are ahead.
The charts also look positive for stocks, according to Oppenheimer technical analyst Ari Wald.
"We continue to be of the view that we're going to make new highs into year-end," Wald said on "Power Lunch." "The message from the charts is that you want to own risk and buy risk."