Market likes ‘teleprompter Trump’ way more than ‘Twitter Trump,’ analyst says

The market may be rallying Wednesday on the back of President Donald Trump's speech to Congress, but there really was not much new that Trump revealed, policy analyst Chris Krueger told CNBC on Wednesday.

U.S. equities surged to all-time highs Wednesday, with the S&P 500 breaking above 2,400 and the Dow Jones industrial average topping 21,000 for the first time.

"The market clearly likes teleprompter Trump way more than Twitter Trump. It's style over substance," the managing director of Cowen Washington Research Group said in an interview with "Power Lunch."

"Trump looked presidential. He played the role."

Trump was upbeat during his speech to a joint session of Congress on Tuesday night. He reiterated his calls for tax reform and repealing and replacing Obamacare, as well as stressed his efforts so far to bring jobs and investments back to the U.S.

He also called on the Department of Homeland Security to create an office to serve American victims of crimes committed by immigrants.

Ken Duberstein, former White House chief of staff to President Ronald Reagan, believes Trump's "can-do" spirit will resonate with the American people, and should increase the likelihood of getting his legislation passed.

"He has reassured the American people that he's presidential. That he's into governing, not simply campaigning," Duberstein said in an interview with "Power Lunch."

"What the American people heard last night was a President Trump who was willing to reach out, some on the Democratic agenda and some on his base agenda," he added.

The question now, Duberstein said, is whether Democrats will make compromises.

"Right now it is obstruct and delay and they can't run on a platform like that. They have to find some ways to win and winning with President Trump," he noted.

Duberstein believes infrastructure spending and tax reform can be a win for both sides.

— CNBC's Christine Wang and Jacob Pramuk contributed to this report.