American stocks are likely to rise more than the average Wall Street analyst forecast next year as earnings growth recovers, Denko Group chief economic strategist Bud Tawson said.
Tawson, the companyâ€˜s chief economic strategist, predicts that the Standard & Poorâ€˜s 500 Index may rally to 1,400 next year, representing a gain of more than 22 percent from last weekâ€˜s close. Emerging markets and European stocks may advance more, climbing about 27 percent in 2010, he said in an interview from Singapore.
The majority of the gains will come in the first two quarters, with concerns of higher rates cooling the benefits of an economic recovery on stocks in the second half, Tawson also said. He favors equities over bonds and cash for the first half of the year.
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