While some market strategists anticipate equities to end the second half even higher, stocks and exchange traded funds could be in for a bumpy road in the meantime.

“The recent volatility in stocks and bonds will likely be with us for the foreseeable future (at least a few months),” strategists Stuart Freeman and Scott Wren of Wells Fargo said in a note, according to CNBC. “But we continue to believe any pullback is an opportunity to add to stocks in sectors sensitive to a continuation of the economic recovery. Our recommendation is to put money to work now.”

Wells Fargo projects a year-end target of 1,650 to 1,700 on the S&P 500, but the markets could still experience swings attributed to a rising rate environment and potential tapering in the Fed’s monthly bond-purchasing plan.

“As market participants gain additional insight from the words of Federal Reserve officials or by policy actions in coming quarters, further asset price volatility seems likely,” Federal Reserve Bank of Richmond President Jeffrey Lacker said, reports Jeff Kearns for Bloomberg.

Sam Stovall, chief equity strategist at S&P Capital IQ, also raised his 12-month target for the S&P 500 to 1,780 from 1,670.

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