New York (CNN Business) TINA (There Is No Alternative) has become a popular mantra on Wall Street. It explains why stocks are near record highs despite concerns about trade tensions with China and what's expected to be another round of lackluster corporate earnings next month.

Not even a huge surge in crude prices Monday following an attack on Saudi oil facilities over the weekend was enough to dampen investor enthusiasm all that much. The Dow fell a little more than 150 points, or about 0.6%, Monday. That's a pretty tame drop, especially when you consider that the blue chip average had gained for the prior eight trading days.

It appears that investors are holding their noses and buying stocks because of the TINA trade. With the Federal Reserve expected to cut short-term interest rates again at its meeting this week, stocks could get another boost.

"With flat earnings growth, the principal reason — and perhaps only one — that stocks have bounced back is the reversal in Fed policy," said Troy Gayeski, co-chief investment officer at SkyBridge Capital. "The Fed is coming to the rescue again."

Lower rates may help prolong the US economic expansion and prop up consumer spending and the housing market. That could be good for profits in the fourth quarter and 2020. That's a big reason why the Dow is now up 16% this year while the S&P 500 and Nasdaq have gained about 20%.

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