Investors are reverting to owning the so-called Magnificent Seven group of stocks, the bank's analysts say.
He expects that shifting views on the economy will fuel stock-market “twists and turns” throughout this year.
Oppenheimer Asset Management says the focus will soon shift to the fourth-quarter earnings season.
Technology and industrials are among the bank's overweight positions.
The MSCI World Index is just 3% from its peak after climbing 21% this year.
The firm's analysts see the S&P 500 at 5,100 points by the end of next year.
A survey suggests the index will hit a high, though weaker consumption means less of a surge.
Stocks and bonds rallied in tandem last month as traders grew more confident that the Fed has finished raising rates.
An RBC strategist joins a band of Wall Street optimists, saying stock valuations are resilient.
The bank's analysts expect the Fed to start cutting interest rates next year.
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