Birinyi Associates Inc. raised its year-end forecast for the Standard & Poor’s 500 Index to 1,325 because of rallies by General Electric Co., Citigroup Inc. and Microsoft Corp.’s shares.
The estimate from the research and money-management firm founded by Laszlo Birinyi implies a 13 percent advance from today’s closing price and a full-year increase of 19 percent. Today’s report cited 2010 gains exceeding 20 percent for GE and Citigroup as well as Microsoft rising above $30 last week.
Birinyi said the S&P 500’s reversal of losses on March 22 shows that markets are exhibiting strength. The benchmark index for U.S. stocks lost as much as 0.6 percent after the biggest overhaul of the health-care industry in four decades and concern about Greece’s budget deficit, as well as Tiffany & Co., the world’s second-largest luxury jewelry retailer, reporting less profit than the average analyst estimate. The S&P 500 rose 0.5 percent that day and went on to advance a fourth straight week. (more)
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