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'Reasonable backdrop' for equities in 2014: Pro

Whether or not the Federal Reserve reduces its $85 billion-per-month bond-buying program, the improving economy next year will continue to bolster stocks, Adam Parker of Morgan Stanley said Wednesday.

"Look, the thing that you want to focus on is what could cause volatility in the earnings estimates," the chief U.S. equity strategist and managing director said. "What made us bullish was the fact that I didn't see what could cause big volatility to the downside in earnings. To me, the biggest risk from rates backing up is that you could get weakness in emerging markets."

On CNBC's "Halftime Report," Parker, who has a 2,014 target for the S&P 500 next year, said that he was aware of the argument that tapering of the Fed's quantitative easing would hurt stocks but wasn't buying it.

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