Investor expectations are at highs never before seen, according to an index on investor expectations managed jointly for the past 20 years by the Gallup Organization of Princeton, N.J. and PaineWebber of New York.

The average investor expects the market to rise 15.3 percent in 2000 and for his own mutual fund or stock portfolio to surpass that by 3.1 percentage points, to earn a record 18.4 percent in the next 12 months, according to the index.

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