Markets rise but may not have much upside left

Markets were mostly higher on Wednesday.

The S&P 500 and the STOXX Europe 600 rose 0.4 percent.

Most Asian markets also rose, with the Shanghai Composite edging up 0.1 percent, but the Nikkei 225 fell 0.3 percent ahead of dividend payments.

US stocks were boosted on Wednesday by the announcement of a plan to overhaul the US tax code but Wells Fargo Investment Institute's senior global equity strategist Scott Wren does not see much upside left.

“Valuations are meaningfully stretched in that the trailing 12 month P/E ration on the S&P 500 is 20 and change,” Wren said on CNBC. “The net net move between now and the end of 2018 is probably going to be pretty small.”