What lies ahead for the stock market? The AP asked leading market analysts and investment managers where they see the Standard & Poor's 500 index winding up by the end of 2013 and why. The S&P 500 closed out 2012 at 1,426 on Monday, up 13 percent for the year.

CITIGROUP:

Year-end target for the S&P 500 index: 1,615.

Reasoning: Modest improvement in the economy and better company earnings. Enticed by higher returns, investors move some cash from bonds back into to stocks.

BANK OF AMERICA MERRILL LYNCH:

Year-end target for the S&P 500 index: 1,600.

Reasoning: Eventual fix to the "fiscal cliff," improving outlook for global growth.

GOLDMAN SACHS:

Year-end target for the S&P 500 index: 1,575.

Reasoning: The "turbulent political environment" that held back investment 2012 will end. Company revenues will edge higher and earnings will rise.

BARCLAYS CAPITAL:

Year-end target for the S&P 500 index: 1,525.

Reasoning: Capital spending will stabilize and the U.S. will benefit from improved manufacturing competitiveness and an energy boom.

WELLS FARGO SECURITIES:

Year-end target for the S&P 500 index: 1,390.

Reasoning: The U.S. economy flirts with recession, exports decline and investment falls.