For stock market investors, it’s still all about earnings, economic growth—and hopes for corporate tax cuts.

The S&P 500 SPX, -0.84% and the Dow Jones Industrial Average DJIA, -0.46% posted small weekly losses, while the Nasdaq Composite Index COMP, -1.26% managed a small gain as investors took the intensifying controversy surrounding President Donald Trump’s decision to fire Federal Bureau of Investigation Director James Comey late Tuesday in stride. In fact, the S&P and Nasdaq eked out new records the day following the firing.

Stocks dipped slightly on Friday after Trump appeared to warn Comey on Twitter that the former FBI chief had “better hope that there are no ‘tapes’ of our conversations before he starts leaking to the press!.” But it wasn’t clear even that modicum of weakness had much to do with the Trump administration’s failure to quell the controversy surrounding the firing.

While the invocation of “tapes” and calls for independent prosecutors recall shades of the Watergate scandal that brought down former President Richard Nixon—and will likely lead to louder calls for an independent probe into potential ties between Trump campaign associates and the Russian government—investors remained focused elsewhere.

Indeed, many market participants have argued that as expectations for quick action on Trump’s pro-growth policy agenda faded, investors have looked to other factors.

Read:Here’s why stocks could rally if Trump heads for the exit

“I think stocks basically are driven by the underlying fundamentals—the earnings picture and the growth picture more than anything else…I’m not sure the FBI director position has much to do with the stock market,” said Michael Arone, chief investment strategist at Boston-based State Street Global Advisors, with $2.4 trillion in assets under management, in a Wednesday phone interview.

As of May 5, 83% of companies in the S&P 500 had reported first-quarter results, for a blended earnings growth rate of 13.5%, which would be the highest year-over-year growth since the third quarter of 2011, according to FactSet.

The strength in earnings has provided support for the market as initial expectations that a Trump administration and a Republican-controlled Congress would move to quickly enact tax cuts and other business-friendly measures ran into disappointment.

The Comey firing is “more of a political story than a markets story…Implications directly for the market are pretty muted,” Chris Zaccarelli, chief investment officer for Cornerstone Financial Partners, told MarketWatch on Wednesday.

That could change, he said, depending on the fallout. But unless investors become convinced that tax cuts won’t happen in 2017, or barring some other unforeseen catalyst, stocks can likely remain near current levels, he said.

Expectations for a huge corporate tax cut to 15% from 35%, along with a measure that would encourage firms to repatriate cash held overseas, were credited with pushing stocks to new highs in near-euphoric trading following Trump’s November election victory. But analysts had long ago pointed out evidence that tax-cut expectations had started to fade earlier this year, with baskets of high-tax companies giving back the outperformance that had immediately followed the election.

Investors still expect a substantial cut, but not necessarily on the scale outlined by the administration.

“I think the stock market has certainly priced in a policy agenda that includes tax reform, deregulation, and an improved health-care bill,” Arone said. “If we are not able to get some progress on those Items, I do think stocks will eventually re-rate themselves to reflect lower growth and a higher tax rate.”

Barring any other catalysts, a derailment could be enough to spark a “typical correction” of 5% to 10%, he said. A continued pickup in earnings growth, however, could cushion the blow, serving “to absorb any policy agenda stalls.”

Comey’s firing resulted in calls by congressional Democrats, and a few Republicans, for an independent probe into any potential connections between Trump’s campaign associates and the Russian government.

Some veteran Washington watchers said investors should factor out the potential for enactment of tax cuts in 2017.

“Make no mistake—tax reform is dead for this year. But the fundamentals—moderate GDP growth, low inflation, low interest rates, good corporate earnings—will persist,” said Greg Valliere, chief global strategist at Horizon Investments, in a Wednesday note.