(Bloomberg) -- The Standard & Poor’s 500 Index will extend its rally from a 12-year low on March 9 by 10 percent to 20 percent this year and technology, raw-materials and energy companies are the most attractive, Byron Wien said.
“Right now I think we’re in a favorable period,” Wien, a former senior market strategist at Morgan Stanley, said in a Bloomberg Radio interview. “I think the market’s going to go higher.”
The U.S. government and Federal Reserve have pledged $12.8 trillion to revive growth amid the deepest recession in a half century. The economic downturn may persist into 2010 because current stimulus programs will fail to revive growth, Wien said. “My worry is that sometime next year, when the stimulus is dissipated, that there isn’t anything to take its place, that there isn’t a natural economic driving force that’s going to propel the economy forward without the stimulus,” he said.
Wien, 76, joined Pequot Capital Management Inc. as chief market strategist in December 2005 after leaving Morgan Stanley. Pequot said in May it would shut down because of a federal insider-trading investigation.
No comments:
Post a Comment