Weakening economic growth will cut returns for the Standard & Poor’s 500 Index this year while failing to end the bull market that started 17 months ago, according to Birinyi Associates Inc.
The benchmark gauge for American equities will probably rise 17 percent from today’s close to 1,225 by year-end, the Westport, Connecticut-based research and money management firm founded by Laszlo Birinyi wrote in a note to clients. Birinyi forecast a rally to 1,325 on March 29.
Declines in companies from Wal-Mart Stores Inc. to Procter & Gamble Co. are unlikely to be erased this year, spurring the lowered forecast, the firm said. Birinyi, one of the first money managers to advise buying stocks before the S&P 500 bottomed in March 2009, has maintained his bullish stance even as the gauge lost 13 percent since April. (more)
No comments:
Post a Comment