Stocks have taken off since Election Day. With Inauguration Day less than two weeks away—and with the Dow Jones Industrial Average repeatedly failing at the 20,000 mark—can the "Trump Rally" continue?
Investors have moved from trading on expectations of future Federal Reserve policy to hopes of a more business-friendly environment, combined with the near certainty of tax reform. Most Wall Street watchers think the rally still has legs.
"I think some of the excitement of the market certainly had to do with the Trump presidency." Jim Paulsen, Chief Investment Strategist at Wells Capital Management, told CNBC's "On the Money" in an interview.
"I just think a number of things are coming together including the fact that we've kind of got a more pro-biz president promising less regulation, and maybe lower corporate taxes, adding to the excitement," Paulsen added.
Friday featured new record closes for both S&P 500 Index and the Nasdaq Composite, while the Dow is up nearly nine percent since the election. But market watchers are still waiting, and have been for more than two weeks, for the Dow to clear the milestone 20,000 mark. On Friday, the index fell just 0.37 points short.
Paulsen calls Dow 20K a "bit of a positive" and a "headline," but said he's focused on other data.
"I think the fundamentals that are going on are much more important than breaking the 20,000 barrier. Hopefully we'll do it soon and move on the next one," he said.