S&P 500 rises, “to continue on to higher levels”

Markets were mixed on Friday.

The S&P 500 rose less than 0.1 percent but the STOXX Europe 600 fell 0.1 percent and the Nikkei 225 fell 0.5 percent.

For the S&P 500, the gain on Friday helped the index finish the week up 0.7 percent, its sixth consecutive weekly rise.

Jim Paulsen, Wells Capital Management's chief investment strategist, told CNBC that stocks are likely to rise further. “I think this is going to continue on to higher levels and yields are going to move higher ... before we get a significant correction,” he said.

Paulsen pointed out that the correlation between stocks and bonds is positive right now. “Once that turns negative again, then I think I'm going to turn more negative on the stock market overall,” he said.