Wall Street builds case for year-end stock rally

"Many of the headwinds that sparked the U.S. stock market's biggest swoon since 2011 are no longer weighing down the market like they did earlier this year, says Don Luskin, chief investment officer at TrendMacro.

"The big August correction was caused by the strong dollar, collapsing oil prices, a scary slowdown in China, and a Fed that seemed determined to hike rates despite it all," says Luskin. "Every risk factor driving the big correction has reversed for the better now."