When DJT frees American industry from the nonsense regulations which have proliferated so greatly, productivity will increase and justify higher equities values.
The other issue we need to confront is that the way to deal with the debt Obama piled up is through inflation. Free markets do this automatically. If we look at real, not government spun, inflation rates, I think interest rates have been negative for several years.
There are two components to the stock market rise. The “nowhere else to go” with investment money is only one of them, real inflation rates being greater than GDP increases is the second.