Pro: Indices Are Surging On A 'Fundamental-Based Rally That Has To Do With Economic Growth Picking Up'

Jim Paulsen, Wells Capital Management's chief investment strategist, disagrees with BlackRock's Larry Fink, who isn't a strong believer in the sustainability of the stock market's all-time highs.

Paulsen was a guest on CNBC's "Squawk Box" segment Friday morning and explained why he is bullish on the stock market when it is already trading at historical all-time highs.

Paulsen noted it is no coincidence the Citigroup Surprise Index, which was negative at the start of 2015, has stayed negative until about a week ago. During the period when Citigroup's proprietary index was in the negative, investors were greeted with various economic "surprises," and the stock market "struggled."

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"I think this is a fundamental-based that has to do with economic growth picking up," he said. "Maybe not only here in the United States — but globally."

Paulsen continued that investors are now expecting an "upturn" in corporate earnings as well. Meanwhile, companies are "seeing positive earnings momentum" themselves.

Paulsen's comments appear to contradict those of Fink, who told CNBC on Thursday that the stock market should not be trading at all-time highs. Fink suggested the rally is due to short sellers covering their positions and not due to individual investors being bullish.

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