Tuesday, 11 February 2014

Birinyi sees S&P 500 at 1,900 by July

Stocks were little changed on Monday.

The S&P 500 rose 0.2 percent and the STOXX Europe 600 rose 0.1 percent.

However, the MSCI Emerging Markets Index fell 0.2 percent.

Despite the recent volatility in markets, Laszlo Birinyi thinks that the S&P 500 will reach 1,900 by July. From Bloomberg:

Birinyi, the founder of Birinyi Associates Inc. and one of the first analysts to advise clients to buy when stocks were bottoming after the 2008 financial crisis, said in a phone interview Feb. 7 that the benchmark gauge for U.S. equities will increase almost 6 percent by July. It fell 5.8 percent in the three weeks starting Jan. 15, losses he said signal healthy skepticism that set the stage for more gains.

There is also optimism in the euro area. Sentix reported on Monday that its index of investor sentiment in the euro area rose to 13.3 in February from 11.9 in January.

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