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A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Thursday, July 3, 2014. The Dow Jones industrial average topped 17,000 for the first time Thursday, the index's first big 1,000-point milestone this year, following news that hiring in the U.S. accelerated last month. (AP Photo/Richard Drew)

What's in Store for Markets in Second Half of 2014?

Buffalo, NY (WBEN) The Dow and S&P 500 hit record highs on Thursday, closing out the first half of the year. What can we anticipate in the second half of the year as we look back on the first half?

"We're probably up seven percent in the Dow and S&P and up six percent in the foreign markets," says Greg Merkle of FSC Securities. "Part of it is the US economy is expanding."

Richard Schroeder of Schroeder Braxton and Vogt agrees, and adds the Fed has played a role. "The Federal Reserve's withdrawal of the bond market continues to be gradual and measured and reassures investors nothing will be done suddenly to scare investors," explains Schroder.

Both Schroeder and Merkel agree a correction is due for the market, but that will be temporary as we head to the second half of 2014.

What else should we look for? "I think it's going to be economic growth," says Schroeder. "We had a lousy first quarter because of the deep freeze that took over the country, and that's behind us and there's pent up demand to keep things going."

Merkel adds the market should continue its steady climb barring a an unanticipated geopolitical shock.

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