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Can Stocks Deliver the Goods in 2015?
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December 1, 2014 - HIGHLIGHTS We believe stocks will deliver mid- to highsingle-digit returns in 2015. We expect earnings, and not valuations, to do the heavy lifting in producing potential stock market gains for investors in 2015. Monetary policy is in transit in 2015, when stocks will face a shift from the very loose monetary policy of the Federal Reserve’s (Fed) quantitative easing (QE) program to an environment in which the Fed begins to hike interest rates. Valuations for the S&P 500 remain slightly above long-term averages. However, valuations have historically had virtually no predictive power in timing market tops or major pullbacks. |