“This will be another year of buoyant earnings, sending the Standard & Poor’s 500 Index up to 1,600 by year-end, according to Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America.
That would represent a 7 percent gain from Monday’s close of 1,495.71, and a 12 percent increase for the year.
“The big surprise for the U.S. equity market is that we might not see a pullback this year, despite what many in the markets are expecting,” Subramanian tells CNBC, noting that the market can avoid its typical 5 percent correction.
Of the 264 S&P 500 companies that had reported earnings as of Monday’s close, about 73 percent beat analysts’ profit forecasts, and 66 percent beat analyst’s sales projections, according to Bloomberg data….”
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