On Wednesday, the S&P 500 gained 0.25 percent to post a record close. The Dow Jones industrial average rose about 75 points, and the Nasdaq composite advanced 0.4 percent.
Charlie Bobrinskoy, head of the investment group at Ariel Investments, believes it is dangerous to talk about the market as a whole.
"The S&P is doing all these wonderful things because these big-name tech stocks are doing all these wonderful things," he told "Closing Bell."
"Small-cap value stocks are probably down on the year. Lots of individual names. There was all this talk about bank stocks, they're now down on the year. So you really do have to go sector by sector."
For Gabriela Santos, global market strategist at JPMorgan Funds, it's time to be much more selective in the U.S. stock market. She would also incorporate international stocks.
A couple of months ago there were expectations for both upside and downside risks coming from Washington, but those risks have been moved, she said in an interview with "Closing Bell."
"What you're left with is a 2 percent pace kind of economy with a healthy, solid consumer," Santos said. "That's a good backdrop for earnings growth and for the markets to grind higher over the next few years. But it's slow and steady."
Kevin Nicholson, chief risk officer at Riverfront Investment Group, also still likes the U.S. but is tilting more toward Europe now.
"Overall, you're seeing global growth everywhere. And so you kind of have to ride the momentum. I think things are going to be higher when we get towards the end of the year," he told "Closing Bell."
—CNBC's Fred Imbert contributed to this report.