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

(This story is for CNBC Pro subscribers only). 

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. 

More In CNBC TV Picks

CNBC ProInvestor Dan Niles says he’s sold out of his favorite tech stock ahead of earnings. Here's why
CNBC ProJeffrey Gundlach says bitcoin 'double-top' chart at all-time highs looks scarier than this summer
CNBC ProStrategist Jim Paulsen sees stock market into next year up 10%, but says rotate out of large caps