Don't bet your shirt on a repeat performance. That's the message from some of the nation's biggest investment firms as the Dow Jones industrial average has closed above 16,000 for the first time and the Standard & Poor's 500 index is on the cusp of its best year in a decade with a gain of 25.9 percent. Although investment professionals still are optimistic, investors shouldn't expect such outsized gains will be repeated.
The S&P 500, the Dow and other stock indexes have risen steadily as the Federal Reserve has maintained its economic stimulus to keep long-term interest rates low, and the economy has continued to strengthen. Although economic growth hasn't been spectacular, it has been strong enough enable companies to keep increasing their earnings. We asked professionals at three big money managers, T. Rowe Price, Franklin Templeton and BlackRock for their thoughts on how the stock market will shape up next year.