The Dow's climb toward 20,000 is making some investors nervous, but some money managers believe that while the market is reaching an all-time high, the rally could be extended even further.

Reaching 20,000 is not an indicator of an impending recession, said Peter Borish, chief strategist with Quad Group, a New York-based financial firm.

"We are not likely to crash soon," he said. "Crashes don't happen from very overbought conditions, which does not eliminate the possibility of a correction of 15%."

Remaining Invested in the Market

Investors need to stay in the market and divesting equities in favor of an all cash position will not necessarily boost returns in retirement portfolios, said Matthew Tuttle, portfolio manager of the Tuttle Tactical Management U.S. Core ETF in Stamford, Conn.

"The Dow reaching 20,000 makes for great headlines," he said. "But like the Dow reaching 10,000 where people had nice hats, it made for a good story until the Dow went below a couple of years later."

This benchmark figure "doesn't mean much" in the aftermath of the U.S. presidential election and the outcome depends on how the market interprets a more hawkish Federal Reserve and an incoming president who might increase spending on infrastructure and repeal some regulations, Tuttle said.

"Investors should stay in the market until they shouldn't," he said. "Today's good sector could get crushed tomorrow."

Although the Dow's current level in the high 19,000s is probably a little high and 17,500 seems more reasonable, the market could easily gain another 2,500 points, said Patrick Morris, CEO of New York-based HAGIN Investment Management.

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