UBS' price target for the S&P 500 is 2,875 by the end of this year — a gain of about 10 percent in the next two weeks — and 3,200 at the end of 2019.

With the Federal Reserve likely to raise interest rates next week, Chairman Jerome Powell's apparent decision to pull back on the number of planned hikes will also benefit the market next year, Parker said.

"Lower interest rates should support asset prices, all else equal," he said.

•   European stocks open lower Tuesday morning, amid escalating concerns about a slowing global economy.

The FTSE 100 opened 0.4 percent lower, the CAC open down around 0.6 percent, while the DAX opened 0.3 percent lower, according to IG. The pan-European Stoxx 600 was down 0.3 percent at the open.

Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. It was the second straight month of disappointing reading.

The gloomy data compounded weaker-than-expected economic news from Europe late last week.

•  Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.9 percent in mid-afternoon trade while Japan’s Nikkei lost 1.8 percent to close at its lowest since late March.

•  Japanese stocks tracked global peers and tumbled on Tuesday, with the Topix closing at 19-month low, as worries about cooling global growth took a toll on cyclical stocks.

The Nikkei share average ended the day down 1.82 percent at 21,115.45 after touching 21,107.13, its lowest level since Dec. 11.

•  Chinese stocks ended lower on Tuesday after President Xi Jinping offered no specific support measures for the economy in a closely watched speech marking 40 years of market liberalisation, adding to pressure from faltering shares in other Asian markets and the United States on concerns about global economic growth.

The Shanghai Composite index was down 0.8 percent at 2,576.65, while the blue-chip CSI300 index lost 1 percent.