Tags: Jim Paulsen | Wells Capital | stocks | bonds

Jim Paulsen: Stock Rally May Run Even Higher on Improved Confidence

Jim Paulsen: Stock Rally May Run Even Higher on Improved Confidence

(Dreamstime)

By    |   Wednesday, 14 December 2016 10:38 AM

Jim Paulsen, the closely followed chief investment strategist at Wells Capital Management, said surging confidence on Wall Street could push stocks higher even as the Federal Reserve raises interest rates.

He said the S&P 500 could rise 8 percent to more than 2,450 next year, even as the 10-year Treasury yield pushes toward 3.5 percent. The stock benchmark has advanced 11 percent this year to about 2,267 as of Wednesday morning. Six percent of this year’s gain came after Republican Donald Trump won the presidential election on November 8.

Trump’s pro-business agenda and better profits at U.S. companies could push stocks “higher than we think,” Paulsen told CNBC.

The Dow Jones industrial average is approaching a key psychological level of 20,000 after making 15 record closing highs since the election.

"The Dow hitting 20,000 has a lot of resonance with people because it's such a nice, big, round number," Chris Zaccarelli, chief market officer at Cornerstone Financial Partners, told USA Today. "It's a nice mile marker and should boost investor confidence."

“There’s a wave of euphoria around the market right now,” Tom Anderson, chief investment officer at Boston Private Wealth, told The Wall Street Journal. “The consumer is in good shape, the economy is in sound shape and earnings are bouncing back.”

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Jim Paulsen, the closely followed chief investment strategist at Wells Capital Management, said surging confidence on Wall Street could push stocks higher even as the Federal Reserve raises interest rates.He said the S P 500 could rise 8 percent to more than 2,450 next...
Jim Paulsen, Wells Capital, stocks, bonds
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2016-38-14
Wednesday, 14 December 2016 10:38 AM
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