Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, expects the S&P 500 to rise more than 20% in 2025 — and her optimism about technological advancements is the basis for her bullish view. Bartels estimates that the broad market index will rebound to between 7,200 and 7,400 points next year. The upper end of her forecast is about 22% higher than Monday’s closing price for the S&P 500. “Technology and technology-related stocks continue to be the dominant force in the market and will drive the market higher,” Bartels said on CNBC’s “Power Lunch” on Monday. She believes that the leadership of the technology industry is shifting to software stocks of semiconductor companies, and Highlight Salesforce as the first choice in this field. While price-to-earnings ratios remain high across the market, Bartels believes stocks are in a secular bull market during which multiples are likely to expand, she said. The investor, who spent 21 years at Bank of America before joining Sanctuary Wealth, believes the current market bull run is similar to two other periods: the Internet-led rally from 1995 to 2000, and the automotive revolution and subsequent bull market of the 1920s. Bartels acknowledged that both bull markets ended badly. In 2000, the dot-com bubble burst, and the “Roaring Twenties” ended with the economic collapse of 1929 and the arrival of the Great Depression. “One risk we do have is that neither scenario ends well,” said Bartels, a Fordham University graduate. “But we can have extraordinary returns between now and the end of the decade.” With that in mind “Any pullback in the market is still a buying opportunity,” Bartels added. —CNBC’s Michael Bloom contributed to this report.
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