S&P To Touch 1500 (IP)

US stocks finally broke their losing streak and rebounded. Technology and financial stocks are doing well. James Altucher, managing director at Formula Capital, told CNBC that the S&P 500 is likely to touch 1500.

He said that he expects to see about $80 in S&P 500 earnings. He also claimed that the economy is likely to remain in recovery mode and that stocks will be ruled by strong valuations and profits.

He said, “Valuations are at an all time high. There's a lot of slack in the economy still so those profits will continue to stay high even if economic growth is slow." Altucher shared his preference for International Paper (NYSE: IP) and Georgia Pacific.