NEW YORK (TheStreet) -- The S&P 500 made another new all-time high on Monday, and John Stoltzfus, chief investment strategist at Oppenheimer & Company, thinks those gains are going to continue in 2015.
On CNBC's "Fast Money Halftime" Monday, he said accommodative monetary policy, low energy prices and a slight wage boost will help propel the S&P 500 to 2,311 in 2015. Corporate revenue should climb slightly as consumer confidence improves. His top picks include cyclical, technology industrial and material stocks.
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"We could easily get there," Jon Najarian, co-founder of optionmonster.com and trademonster.com, said of Stoltzfus's price target. With an interest rate hike unlikely until the second half of 2015 at the earliest, investors will continue to put money to work in the stock market.
The "lower for longer" interest rate mentality is good for consumers and the stock market, said Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. However, international equities will likely be the better investment in 2015, even though U.S. stocks still seem poised to generate a single-digit percentage return.
A single-digit percentage return is still pretty good, said Joseph Terranova, chief market strategist for Virtus Investment Partners. The Federal Reserve won't raise interest rates if there are still economic issues in Europe and Japan, he added.
Retail and consumer discretionary stocks continue to do well, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, pointed out. As for the broader market, it helps that oil prices have stabilized, he said.
Retail stocks continue to climb, Link said, because lower oil prices will give consumers more disposable income. The economy is improving and more jobs are also being creating, she said.
When OPEC meets Thursday, the cartel is likely to cut oil production by 1 million barrels per day, Terranova said. If it doesn't, West Texas Intermediate is likely headed to the $68 to $70 range. Najarian agreed OPEC will likely cut production by a small amount to prevent oil prices from moving lower.