S&P to Hit 1500 in 'Next Seven Quarters'
Stocks pushed higher on Monday after a more-than-expected rise in leading indicators and strong earnings from Citigroup. Fritz Meyer, senior market strategist at Invesco AIM, and Linda Duessel, equity market strategist at Federated Investors, shared their market outlooks.
“There’s still substantial potential for upside surprise on the economic data,” Meyer told CNBC.
“In my view, the market will continue to scratch its way toward the old high of 1,500 on the S&P in the next seven quarters, simply based on that $100 in earnings target for 2011.”
Meyer said he likes the financial sector as it has the “furthest to recover.”
He also likes industrials, materials, consumer discretionary and energy as oil prices are expected to head higher.
In the meantime, Duessel said performance anxiety has been dominating the market.
“There’s been a lot of concern over China, Greece and now Goldman Sachs [but] people need to focus on the fact that we’re here in the U.S. and potentially seeing a V-shaped recovery,” she said.
Duessel noted that more people are beginning to jump on the recovery "bandwagon," which will be good news for earnings going forward.
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No immediate information was available for Duessel or Meyer.