The stock market rally is predicated on more than just expectations of business friendly policies from President Donald Trump, according to TheStreet's chief executive officer Dave Callaway. "It's much more than the Trump administration," he said. "This rally has been real and it's been going on for almost eight years." Callaway added that we may be in the last gasp of the bull market, but that could go on for a while. Callaway said the markets shrugged off a North Korea missile launch and a Russian intelligence ship that was found off the coast of Connecticut.

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