Some market players are playing down the significance of the rising greenback, however. Ben Pace, CIO at HPM Partners, said that "the dollar is strong for we think the right reasons … I think people tend to overreact to the strong dollar. It's the reason why it's strong that I think is important."
"If the dollar is stronger because of U.S. economic growth getting better … it could get offset by topline and bottom line earnings growth," he said. His latest forecast for U.S. 2017 gross domestic product stands at 2.25 percent, but he expects to raise that projection by between 0.5 and 1 percentage points.
The U.S. dollar index is also less than 2 percent higher year-over-year right now, compared with the surge that weighed on earnings last year.
"We're actually somewhat bearish on the dollar," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas. "From our perspective, the dollar looks fairly expensive."
"We haven't made any changes in light of the election," he said, noting the firm has continued to recommend stocks. "The market has been focused on the policies on the pro-growth aspect of the Trump policies (but not on the negatives), namely what happens on the trade front, what happens on the geopolitical front."
—CNBC's Matthew J. Belvedere contributed to this report.