Stocks Hit a High

James Paulsen
Chief investment strategist, Wells Capital ­Management

I expect U.S. economic growth to rise close to 3 percent in 2013 boosted by ongoing interest rate and monetary stimulus, rising confidence, and a broadening domestic recovery firing on more cylinders than ever. I also anticipate a revival among emerging world economies, which should restart the global manufacturing recovery. Look for a new all-time high in the S&P 500 as it reaches close to 1,700 sometime during the year. Portfolios should be tilted away from bonds and toward emerging-market, industrial, materials, and financial stocks.

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