As earnings season rolls on, the U.S. stock market keeps climbing higher even as the U.S. and China engage in a trade dispute, and there are no definitive signs of a looming recession.

"Considering where interest rates are now, which is what I look at most, by definition we're at least 12 months away from even a specter of a recession," Portfolio Wealth Advisors Chief Investment Officer Lee Munson told TheStreet.

Even though the U.S. and China are in a tit-for-tat trade spat, these headwinds have been adequately priced into the market, said Munson, noting that the market correction in February was the result of inflation scare, not a trade war.

"I think the only thing that we're not really pricing in right now is the upside as we see continued earnings going double-digit increases year over year," Munson said.

 

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