View of the New York Stock Exchange building on Wall Street. Photo: Reuters/Lucas Jackson

Despite a business news cycle focused on politics, economic fundamentals are behind the stock market’s sustained rally.

That’s what Citigroup’s chief US equity strategist, Tobias Levkovich thinks, telling Bloomberg that “In our mind, this has been driven more by economics and earnings, and less by the Trump phenomenon.”

And those earnings are hoping for double-digit growth for the first time since 2011, with Bloomberg forecasting S&P 500 operating income will rise 12% this year.

Analysts are standing by optimistic forecasts despite the oil slump and concerns surrounding Trump’s agenda in Washington, all signs that markets are focusing on fundamentals, not politics.