Nevertheless, market observers argue that the short-term risk is unlikely to derail the ongoing rally, especially given the expanding global economy and strong corporate earnings.

“I still continue to go back to the economy when I’m talking to clients. As long as the U.S. economy remains in a good foundation…that creates a supportive environment for equities,” Shannon Saccocia, head of asset allocation and portfolio strategy at Boston Private Wealth, told the Wall Street Journal.

For instance, the Labor Department revealed Thursday the number of Americans applying for first-time unemployment benefits dipped last week for the third consecutive time, a sign of steady job creation.

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