What's next for the markets?

Stocks, bond yields and oil prices have been climbing. But gold has slipped. Here's a look at what may come next for these major asset classes.

Stocks

U.S. stocks may seem ripe for a pullback, as Europe's debt problems have returned to the limelight. But experts aren't anticipating a spring slide in the stock market for a fourth year in a row.

In fact, even though the Dow and the S&P 500 are at all-time highs, stocks are not at a peak yet, said David Kelly, chief global strategist at JPMorgan Funds, adding that stocks are still cheaper than they were at the peaks in 2000 and 2007.

Valuations are lower now than they were at previous bull market highs because company earnings are stronger, he said. Plus, interest rates are far lower than they were in 2000 and 2007. The 10-year Treasury yield is around 2%, compared to around 4.5% in 2007 and 6% in 2000.

Barring any major shocks, Kelly expects investors will start to put more of their cash into the stock market and even begin to shift their money out of bonds and into stocks.

He expects U.S. stocks will return between 6% and 8% a year for the next five years.


  @CNNMoneyInvest - Last updated March 28 2013 11:20 AM ET
Join the Conversation
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.