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BofA, Citi Release Stock Outlooks Tuesday, September 8, 4:39 PM ET
A couple of the big investment firms released their targets for the major indices today, and displayed moderate optimism.
Bank of America-Merrill Lynch (NYSE:BAC) said it is looking for the S&P 500 (SPX) to hit 1,200 over the next twelve months.
The head of U.S. equity strategy there, David Bianco, said he is looking for a recovery led by "late cycle" sectors, such as business spending, infrastructure, commodities, and exports.
Also today, Citigroup (NYSE:C) U.S. equity strategist Tobias Lefkovich said he's looking for the S&P 500 to close out 2010 around the 1,100 mark. He said the index could spike above that level, but gains could be uneven. Lefkovich is looking for the Dow Jones Industrial Average to close out 2010 around 10,400.
The S&P 500 is at the 1025 level Tuesday afternoon, up eight tenths of a percent, while the Dow is up almost half a percent, to 9484.
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