While Trump’s promises of tax cuts, increased fiscal spending and deregulation have helped support the recent market rally, investors are anticipating improved earnings to keep momentum going, but the going may be tough as we extend into the ninth year of the current bull equity market.

“There is reason to be optimistic and for stocks to go up, though maybe not so quickly as sentiment pushed it in that direction,” Paul Christopher, head global market strategist at Wells Fargo Investment Institute, told the WSJ.

Investors will continue to wait on further clarity on Trump’s plans to boost the economy before refueling the risk-on sentiment that has gripped the markets.

“Having listened to Trump’s speech, there is a concern about what his trade policies will be,” Jamie Cox, managing partner of Harris Financial Group, told Reuters. “That’s probably the No.1 area where Trump will have to tone down his rhetoric because we do have to work with other nations.”

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