The US stock market has performed strongly since the end of August, with the S&P 500 posting a total return of nearly 9%. However, we think the index will struggle to make further headway and forecast it to edge up to just 1,800 by the end of this year and 1,850 by the end of 2015 – less than 5% above its current level. There are three key reasons why we are cautious.
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