NEW YORK (TheStreet) -- Though the S&P 500 has rallied to record highs over the past three weeks, analysts predict markets will continue to climb through to year's end. The benchmark index could rally a further 2.4% to close out the year at 2,080, according to Oppenheimer analysts.
"With elections in the rearview mirror, Ebola being dealt with (or at least off page one of the daily business section), improving fundamentals and double digit 3Q earnings growth for the S&P 500 underpinning sentiment, investors will likely now turn to year-end house-keeping chores," said John Stoltzfus, Oppenheimer chief investment strategist, in a note.
Watch the video below for a closer look at how U.S. markets are doing in midday trading Monday:
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"[Those] include some profit taking, tax-loss harvesting, portfolio rotation along with pondering what lies ahead beyond the holidays," Stoltzfus added.
For investors watching markets Monday, a continuing upward trend appears self-evident. Despite no market-moving news, the Dow Jones Industrial Average climbed 0.17%, the S&P added 0.22% and the Nasdaq popped 0.29%. Meanwhile, Chinese e-commerce site Alibaba (BABA) spiked more than 3% on the site's sales action.
Shares of Alibaba surged to a post-IPO record high after generating $2 billion in the first hour of its Singles Day promotion, China's highest-grossing online shopping day.
"We're going to have a good rest of the year," U.S. Bank's Jeffrey Kravetz said in a phone call. "We're going to trend higher. There may be a little bit of volatility just because of all these geopolitical events. But it's a very favorable environment here in the U.S."