'Dogs of the Dow' Manager Foresees Dow Reaching 15,000 by Year-End

Talk about a contrarian viewpoint. Neil Hennessy, chief executive officer of the Hennessy Funds and best known for overseeing the “Dogs of the Dow” fund, foresees the Dow Jones Industrial Average rising as much as 15% by the end of the year to 15,000.

While others are foretelling a recession sparked by defaults in subprime loans and a deteriorating credit market, Hennessey said, “I don’t see anything to hold back this market except excuses. Earnings are increasing, there are plenty of jobs out there, and the economy is still in great shape.”