The U.S. stock market's rally probably isn't anywhere near over, experts predicted Friday.
Equities posted a three-week win streak Friday, with the major averages posting record highs.
Because the market is up, investors should be careful, independent investment consultant David Darst said in an interview with CNBC's "Closing Bell."
However, he noted that famed mutual fund manager John Templeton always said bull markets mature on optimism and die on euphoria.
"Keep your sense of perspective. We are just now entering optimism. We're nowhere near euphoria. This thing can still run," he said.
Many have credited the recent rally to President-elect Donald Trump's victory on Nov. 8. However, Chris Johnson, director of research for JK Investment Group, said it is more of a "certainty rally" now that the election is over, rather than a specific reaction to Trump.
"If you look since 1950, the market doubles its usual performance from being week of November until the end of December after any election," Johnson said.
Whatever the reason, he still believes the upside can continue, although he thinks there may be a small pullback at some point when "everybody gets back to trading."