JPMorgan Private Bank forecasts that the S&P 500 would rise by 10% by this time next year.

As a result, industrial and construction material stocks will be among the sectors that will benefit, JPMorgan Private Bank’s Grace Peters told CNBC.

The private bank forecasts that the S&P 500 would rise to between 3,500-3,600 points by the end of this year and then 3,750 by September 2021, representing a 10% rise from recent levels.  

“We think certainly that the U.S. markets can make new highs over the next 12 months … we still think the earnings picture for the U.S. corporate is very strong,” she told CNBC.

In addition to technology and healthcare, the market rally is expected to broaden to other sectors such as industrial and construction material stocks, said Peters, head of equities strategy at the wealth management arm of the U.S. bank.

Peters said the outcome of the upcoming U.S. election was “unlikely to materially drive share prices” longer term. This was based on JPMorgan’s analysis of markets in the years of U.S. elections going back to the 1930s.

Meanwhile, with a tight race and President Donald Trump already questioning any outcome that doesn’t have him defeating rival Joe Biden, trading volumes are likely to spike to as much as eight times their normal levels on Nov. 3, according to technology-consulting firm ITRS Group Ltd.

That forecast and a spread-out workforce has the biggest banks testing their technology to make sure they can handle the extra flow, Bloomberg explained.

Financial firms are telling staff and clients that this year will be different. With coronavirus-fearful voters relying on mail-in ballots, and the U.S. Postal Service already beleaguered by delivery problems, election results could be delayed by days or longer.

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