The market rally has nothing to do with Donald Trump's victory in the U.S. election in November, Maximilian Kunkel, cross-asset strategist, ultra high net worth, at UBS told CNBC on Tuesday.
Kunkel explained that the rally has to do much more with the underlying growth we have seen in earnings in the last few months in particular.
"If you look at the third-quarter growth in the United States, earnings was at 4 percent. The market had forecast reduction year on year by about 1 percent. That was the first time since the middle of 2015 that earnings were actually accelerating. We think the earnings growth is going to accelerate into 2017. That's really what is driving the markets."
President-elect Trump on Monday took credit for resilient holiday spending and a strong stock market rally.
"The world was gloomy before I won — there was no hope. Now the market is up nearly 10 percent and Christmas spending is over a trillion dollars!" he tweeted on Boxing Day.
While the final holiday retail sales data is still pending, a Deloitte University Press report in September projected that holiday sales this year will exceed $1 trillion, reflecting a 3.6 to 4 percent increase.
The trillion-dollar figure cited by Trump was not sourced in the tweet. CNBC has asked the campaign via email for the source of the claim.
U.S. stock indexes, meanwhile, have registered post-election gains of 8.7 percent for the Dow Jones industrial average, 5.8 percent for the and 5.2 percent for the .
— CNBC's Cheang Ming contributed to this report.