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S&P to Reach 1,130 by Year-End: Strategist
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CNBC.com Writer
Two bullish strategists Frederic Dickson, chief market strategist at D.A. Davidson & Co. and Ted Parrish, co-portfolio manager at Henssler Equity Fund said they expect markets to go higher by year-end.
“The news is getting much better, the earnings revisions have been superior over the past couple of weeks and I think there’s a lot of good things going on in the credit market,” Parrish told CNBC. “We expect the S&P to finish at 1,130 by the end of the year.”
Parrish said he expects the S&P to continue to challenge the all-time highs in the next couple of years and encouraged investors to put money to work before the end of the year.
“You still need to be cautious about what you’re buying in a few sectors,” said Parrish. “Financials—there’s a bit of trouble there, but some of these early cyclical stocks are going to do well and industrials are going to continue to do well.”
In the meantime, Dickson said investors are starting to look for market opportunities while being mindful of potential risks such as credit, deficit or the dollar.
“We’re starting to see money move out of the more highly valued stocks into stocks that can benefit from a lower dollar, better international growth as a result of that,” he said.
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Disclosure:
No immediate information was available for Dickson or Parrish.
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