However, with valuations stretched and wages starting to rise, particularly in the United States, corporate results will have to be stronger to maintain stock-price gains. Otherwise, the squeeze in margins is likely to yield meager price appreciation in 2015.
The most recent Reuters quarterly poll of equity strategists suggests a 6 percent rise in the S&P in 2015 and a 9 percent and 10 percent gain in Germany and France, respectively.
While further gains may be harder to come by, it may be too early to call the end of the bull market.
"Volatility is a fact of life in financial markets and next year looks set to be more unsettled than this one," said David Stubbs, global market strategist at JPMorgan Asset Management in London. "But investors should consider looking through short-term market swings and stay invested to benefit from the uptrend in corporate earnings we are expecting to see on both sides of the Atlantic."