The Dow Jones Industrial (^DJI) briefly crossed 40,000 this week. Global Market Strategist at JPMorgan Asset Management Jack Manley joins The Morning Brief to discuss the significance of this milestone and why he believes the market only has room to grow.

"As long as markets are comfortable with where rates are right now and rates are where they are because the economy is doing well, I think this rally has got legs, especially as we move into the back half of the year," Manley tells Yahoo Finance.

Manley believes the market rally could go between 5 and 10% higher, but signals this forecast comes at the risk of underestimating what the US equity market is capable of.

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This post was written by Nicholas Jacobino