US stocks may rise as mood lifts after military successes

Some strategists are wary.

Douglas Cliggott, the chief portfolio strategist for JP Morgan, has cut his 2002 earnings-per-share outlook for companies in the S&P 500 to US$36 from US$38, on expectations business spending will be below its year-earlier level at the end of next year. Cliggott said he believes the S&P 500 could tumble below this year's lows next year.