Markets will go 'substantially higher' after hitting record peak, strategist Jeff Saut says

Jeff Saut, chief investment strategist at Capital Wealth Planning
Scott Mlyn | CNBC

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The U.S. stock market will continue its rally and set more record highs over the next year, veteran market strategist Jeff Saut told CNBC's "Squawk Box" on Wednesday. 

The S&P 500 set new intraday and closing highs on Tuesday, officially erasing all of its losses from the coronavirus pandemic sell-off in February and March. Saut, who predicted in April that the market would set fresh highs by the end of the year, said the market was poised to surpass new milestones over the next 12 months.