As the Dow closes in on the 20K milestone, Cowen chairman and CEO Peter Cohen did not seem as enthused as others have. Cohen sat down with CNBC Wednesday to discuss the significance of Dow 20K, and the overall market.

"The Dow is not really reflective of the market, it is the S&P that we should be focusing on most of the time," Cohen said. "Dow 20K is really no more than a reflection of the Dow compounding since I started in this business 48 years ago."

Cohen explained that when you compound 7% for 48 years, you reach 20K. However, he also noted that the historical return on equities has been about 9%, meaning we are a bit behind.

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"It's an interesting number but, it's not so unusual," he contended. "The market is experiencing a sense of renewed spirit in the country and optimism as a byproduct of the election."

Regarding the election, Cohen commented briefly on the Trump administration and the goals it has established. "Tax reform is terribly important; infrastructure building is very important," he said.

However, a sense of renewed optimism concerning financials could be something people are "reading too far into" as from a regulatory standpoint, a policy has yet to be passed.