One investor said the markets could be driven even higher on strong earnings.

“We were running into a market that had gotten so much fear at the end of last year, that earnings estimates came very far down, perhaps too far down,” Timothy Lesko, partner at Granite Investment Advisors, said.

Lesko that he expected a “snap back” from earnings revisions, but companies went further, reporting “much better” earnings and revenues. “It’s been a nice run in the market, and maybe there’s a little more room to go,” he said.

Valuations are in the high teens now, but could trade north of 20 times earnings, he said.

“Maybe there’s 10, 15% left” in the market’s potential rise, Lesko projected, pointing to a “very, very pleasant” interest rate environment.

However, Lesko said the markets could see some softness if the U.S. doesn’t reach trade deals with China and Europe, which have already been priced in.