Bears are back in hibernation for good: Pro
U.S. stocks ended higher Thursday with the help of Visa's earnings and positive economic data, and at least one market pro thinks the good times will continue.
The Federal Reserve has handed the ball off to the market after ending its bond-buying program, "and the market is taking the ball and running," Michael Crofton, president and CEO of Philadelphia Trust Company, told CNBC's "Closing Bell."
"The bears are now back in hibernation for good," he added. "If we have a great day tomorrow we could hit new records for the end of October."
On Wednesday, the central bank announced it was ending its asset-purchasing program, known as quantitative easing.
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On Thursday, the Dow Jones industrial average ended up about 1.3 percent, the rose 0.6 percent and the Nasdaq climbed 0.4 percent.
"Earnings are very, very strong. GDP was strong, employment wasn't too bad today," Crofton said
Gross domestic product grew at a 3.5 percent annual rate for the third quarter, beating expectations.
Brian Kelly, founder and managing member of Brian Kelly Capital, said the U.S. stock market has been experiencing a "Peter Pan rally."
"As long as everybody believes that everything is fine, than it is," he said.
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But in reality, Kelly said, nothing has changed from a week ago and when the recent selloff occurred, nothing had changed from a couple of weeks before that.
"The only difference was people started to notice that inflation expectations were falling. People started to notice that oil was falling. People started to notice that Europe was a problem. All those things remain the same, but people don't seem to care about them," he said.