U.S. equities have stormed ahead since the election, but at least one analyst has warned that the rally may stumble.
The rally since Donald Trump's surprise win of the U.S. presidential election has been stark. The Dow Jones industrial average on Tuesday hit its 17th record close since the U.S. election on November 8, with the index coming within 13 points of touching 20,000 for the first time.
But Jason Schenker, president of financial market research firm Prestige Economics, told CNBC's "The Rundown" on Wednesday that the rally could run into serious headwinds in the first half of 2017.
"Some of the reason equity markets are up is because of expectations of improved, lower tax rates for corporates next year," Schenker said, citing Trump's election rhetoric promising corporate tax cuts.
But he added, "Part of the reason you've seen this big equity rally isn't just because of optimism about the year ahead of any Trump administration tax policies or spending, it's also because of a lot of concern about interest rates and government debt going forward."
Schenker said money was rotating out of bonds and into equities on concerns that Trump's rhetoric of increased government deficit spending, combined with tax cuts, will accelerate the national debt.