The economy is rebounding from its weather-induced weakness in the first quarter, and that's going to send stock prices higher, says Jim Paulsen, chief investment strategist for Wells Capital Management.

Indeed, he told CNBC that he sees the S&P 500 index rising toward 2,000. That would represent a 7 percent increase from its level of 1,873 early Tuesday.

Many economists have forecast that first-quarter GDP growth, which will be released at the end of April, will register less than 2 percent, after a 2.6 percent expansion in the fourth quarter.

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But Paulsen believes the economy is growing at a 4 percent rate this quarter. "We're just getting the spring thaw, and we're going to get better numbers," he said. "If you look aggregately at the economy it's been awful good."

One recent strong indicator was a 1.1 percent rise for retail sales in March.

"The market is going to pay more attention to the economic reports out right on the ground, outside their windshield, than it is through the rearview mirror at an earnings season that everyone knows was highly distorted by the weather," Paulsen said.

Some investors don't share Paulsen's bullishness or his disregard for earnings.

"There have been some strong results from prominent companies, but in general the season has been less than exciting," Paul Nolte, portfolio manager at Kingsview Asset Management, told Reuters.

"We're still struggling with top-line growth. Investors are looking at the earnings picture and are not being thrilled."

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