Stocks end week at record highs | Are investors too optimistic? | Trillion-dollar deficit, but who cares?

Inched higher Friday, ending the week at new record highs.

VIEW IN BROWSER | SUBSCRIBE FRI, JAN 17, 2020 EVENING BRIEF AS OF FRI, JAN 17, 2020 • 04:13 ET DJIA 29348.10 +0.17% +50.46 S&P 500 3329.62 +0.39% +12.81 NASDAQ 9388.94 +0.34% +31.81   Most Active DOW NAME LAST CHG %CHG AAPL 318.73 +3.49 +1.11% MSFT 167.10 +0.93 +0.56% CSCO 49.02 -0.03 -0.06% S&P 500 NAME LAST CHG %CHG AMD 50.93 +1.16 +2.33% BAC 34.71 -0.01 -0.03% GE 11.81 -0.03 -0.25% NASDAQ NAME LAST CHG %CHG AMD 50.93 +1.16 +2.33% AAPL 318.73 +3.49 +1.11% MSFT 167.10 +0.93 +0.56% EDITOR'S NOTE Anyone buying stocks with the market at record highs is wise to ask: Aren't we getting just a little too optimistic here?   CNBC's Fred Imbert writes that we are squarely in "excessive optimism" territory. He cites the Ned Davis Daily Trading Composite sitting at 80.  When the composite is above 62.5, the S&P 500 loses an average of 5% annually - or at least that's the record since 2006.   Stocks ended the week at historic highs. These are euphoric times. "No news really matters to shake markets,"  Mark Newton, managing member at Newton Advisors, said in a note, "and bad economic news or earnings, not to mention geopolitical threats, matter for a few hours only before the relentless rally continues unabated." CNBC's Matthew J. Belvedere writes about two legendary hedge fund managers who remain extremely bullish about the stock market.   "I love riding a horse that's running," said David Tepper, the founder of Appaloosa Management in an email to "Squawk Box" co-host Joe Kernen.  "At some point, the market will get to a level that I will slow down that horse and eventually get off."   Stanley Druckenmiller, the founder of Duquesne Capital, concurred with Tepper in a separate email to Kernen.   President Donald Trump's "election prospects have increased with two trade agreements and big win in Iran, which the Democrats have responded poorly to," Druckenmiller wrote. "So I am still 'riding the horse' and bullish immediate term."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Stocks rise slightly to cap off another record-setting week As stocks hit more more records, there are signs traders may be getting way too euphoric Hedge fund legends David Tepper and Stanley Druckenmiller tell CNBC they're both still bullish, for now The US is running a $1 trillion deficit, but politicians and investors don't see a problem Wall Street sees Amazon rejoining the trillion-dollar club later this year Trump impeachment defense team will include Clinton prosecutor Ken Starr and Jeffrey Epstein lawyer Alan Dershowitz Trump's Fed pick Judy Shelton faces obstacles to confirmation Wall Street expects Boeing to take another big, ugly charge on 737 Max. BofA estimates total cost of crisis as high as $20 billion Toyota shifts Tacoma pickup production from Texas to Mexico; continues $13 billion US investment Labor costs for Detroit automakers expected to increase upward of $1 billion by 2023     TOP VIDEO Hedge fund manager Stanley Druckenmiller says he's bullish in the 'intermediate term'   CNBC PRO UBS raises Alphabet price target after the Google-parent tops $1 trillion: 'Still a cheap stock?'   SPECIAL REPORTS Jeremy Siegel: Dow could hit 30,000 in the next 10 trading days, but danger lurks This coffee upstart could 'be a stronger growth stock than Starbucks' in the near term, says trader   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS