Tags: Stoltzfus | stocks | rise | 12%

Oppenheimer’s Stoltzfus: Stocks Will Rise 12% Next Year

Thursday, 27 Dec 2012 09:42 AM

By Dan Weil

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Global economic recovery will fuel a 12 percent gain for the Standard & Poor’s 500 in 2013, says Oppenheimer Chief Investment Strategist John Stoltzfus.

"We think that 1,585 on the S&P, which is about 12 percent up from where we are now, and $108 [of earnings per share for the S&P 500] versus $102 this year, makes sense," he told CNBC.

The S&P 500 closed Wednesday at 1,420.

Editor's Note: The Final Turning Predicted for America. See Proof.

"The U.S. has been growing,” Stoltzfus said. The economy expanded 3.1 percent in the fourth quarter.

“We've got housing. We've got automobiles. Both have put in good numbers,” he noted.

The S&P/Case-Shiller home price index for 20 cities, soared 4.3 percent in October from a year earlier, the largest gain in 2 ½ years. Meanwhile, in November, auto sales registered their highest seasonally adjusted annualized rate since January 2008.

Stoltzfus also expects a solution to the fiscal cliff to aid the economy, and strengthening economies in Europe and China also will help stocks, he said.

Some experts say European stocks are where there’s true value now. “So, is now a good time to buy European stocks? You bet,” wrote Jonathan Buck of Barron’s.

“Despite lingering financial turmoil, doubts about the eurozone’s sustainability effectively have been put to rest. European companies are awash in cash, and many are positioned to benefit from growth beyond their borders.”

Editor's Note: The Final Turning Predicted for America. See Proof.

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