Birinyi remains bullish on US equities
Friday, March 09, 2012
Laszlo Birinyi, president of research firm Birinyi Associates, recently reaffirmed his support for U.S. equities even though they have underperformed of late.
According to a report from Bloomberg, Birinyi was among the first to recommend buying stocks as the market reached its bear-market bottom three years ago and is still expecting a positive return from U.S. equities.
“While we may have stumbled for a day or two, I think the race is still on,” Birinyi said on Bloomberg Television’s “In the Loop with Betty Liu” on March 8.
He added that the Standard and Poor's 500 Index has the ability to reach a record high of 1,700 this year, provided economic growth catches investors by surprise much like falling bond rates did nearly 17 years ago, Bloomberg reported.
Birinyi made his remarks a day after energy companies accounted for some of the major U.S. equity movers, with Tesoro and Valero both climbing before the market closed on March 7. Tesoro, a San Antonio, Texas-based refiner, saw its stock values rise 4.1 percent, while Valero - also based out of San Antonio - saw its values jump 7.3 percent, which Bloomberg said was the largest increase in the S and P 500 for the day.
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