S&P 500 to Rally 15% by End of 2017, Says Canaccord’s Dwyer
- Firm’s equity strategist sees index ending next year at 2,340
- He cites improving economic data and a turnaround in earnings
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The S&P 500 Index has gone virtually nowhere in the past year and a half, defying predictions from Wall Street strategists. One of the most bullish now says the next 18 months will be far more lucrative.
Canaccord Genuity’s Tony Dwyer estimates the equity benchmark will end 2017 at 2,340, an increase of 15 percent from Wednesday’s closing level of 2,047.63, with half of the gains coming this year. The strategist expects that an improvement in the global economy and higher commodity prices will boost corporate earnings that have fallen for four straight quarters. The S&P 500 has lost 1.1 percent since the start of 2015.