NEW YORK (TheStreet) -- Even though the Dow Jones Industrial Average (tracked by the SPDR Dow Jones Industrial Average ETF (DIA)) is up for the last week, last month, last quarter, last six months, and last year of market action, there are still market observers calling for a correction.
But there are four factors that are very bullish for the stock market.
The first is global growth.
Consumer spending in emerging-market countries is expected to rise to $30 trillion by 2025, according McKinsey's report, "Winning the $30 Trillion Decathlon: Going for Gold in Emerging Markets" That would be up from $12 trillion in 2012 and would account for nearly half of the world's gross consumer spending.
The second is urbanization around the world.
Cities around the world are exploding. The government policy in China expects the number of people living in cities to increase by 100 million by 2020. In an interview last year with Barron's, Carl Weinberg, chief economist at High Frequency Economics, said that each person moving into a city will "contribute six times more to GDP."
Caterpillar will do well here as it sells the heavy equipment needed in the construction of buildings, roads and other infrastructure. Toyota will sell more cars and trucks, too. Walmart is positioning itself to profit from burgeoning cities in China.