NEW YORK (TheStreet) -- "This has been a great year," said Scott Wren, managing director and senior equity strategist at Wells Fargo Advisors, to TheStreet TV's Brittany Umar.
Given that equities are fairly valued, there isn't likely much upside left going into the final few weeks of trading. But in 2015, investors can expect "good, but not great returns," Wren predicted.
Wren estimates that the S&P 500 will generate returns of about 6% to 10% next year.
The U.S. economy is likely to continue to gain steam. Wren expects to see 2015 GDP ring in at around 2.8%. He also said the global economy will likely stabilize next year.
Of course, much depends on the Federal Reserve and when it will raise interest rates.
The Fed has to be careful in this regard, Wren warned. The summer is likely the earliest point at which it would raise rates. The move may happen in the fall if the Fed wants to be sure the economy is strong enough to withstand higher rates.
However, there's one wild card that one nobody would expect, Wren said. That's for the Fed to forego a rate hike in 2015. That's an unlikely scenario, Wren acknowledged, but not impossible.