On Tuesday, the Dow Jones industrial average surpassed the 23,000 mark for the first time ever. This is significant news as it comes just two and a half months after it breached the 22,000 milestone.

Stocks increasing the blue-chip index include pharmaceutical company Johnson & Johnson (NYSE:$JNJ) and insurer UnitedHealth (NYSE:$UNH).

Shares have mounted the Dow Jones historic rally amid continued optimism on Wall Street over Donald Trump’s plans to cut taxes and regulations. Additionally, shares have mounted due to the continued strength in corporate profits. That said, there are still some strategists pondering over whether or not the risks of a bubble are growing.

“A lot of this rise has been because of hopes of a tax cut, if there is any disappointment there, the answer to the bubble question is yes,” Peter Cardillo said. Cardillo is the chief market economist at First Standard Financial.

What’s ironic is that the optimism in the market could eventually mark a peak.

“There’s a lot of optimism, which means a lot of folks already have their money in the market. It’s a question of how much more will come in,” Bruce Bittles, chief investment strategist at Baird, said.

That said, Bittles emphasized that since the major indices are moving in tandem, the market is probably still strong – at least for now. As a matter of fact, Bittles was not the only one who noted that despite justifiable concerns, there are still a number of positives in the market.

‘The fundamentals are good, which suggests no bubble,” Cardillo said.

Now that the Dow Jones has hit 23,000, many are left wondering whether or not the Dow will hit another 1,000 point milestone.

“We’re hitting another psychological number and it brings out the question in people’s mind about how much higher it can go,” managing director for Cornerstone Financial Partners Jeff Carbone said. He noted that we may soon see 24,000.

As for Bittles, he said, “23,000 is not the number you watch for, it’s 25,000.”

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