Byron Wien Sees the S&P 500 at 1,500 Before Year-end 2012
“We’ll get there sometime before year end,” Byron Wien, vice chairman of Blackstone Advisory Partners, told CNBC’s Scott Wapner yesterday. “It will get to 1,500 before year-end no matter who wins,” he added.
Wien’s roadmap for S&P 500 to 1,500 includes 1) improving economy, 2) housing market has bottomed, 3) strong consumer spending, and 4) oil prices are down.
Wien believes Europe is providing sufficient liquidity to allow them to muddle through until the middle of next year.
The economy is doing well enough and interest rates are low enough to drive the market higher, according to Wien.
Regarding market sectors, Wien said he was neutral on the financials, but felt that industrials, cyclicals and technology companies would move the market higher. Interest bearing sectors including utilities and telecommunications won’t help, he added. Consumer staples where the yields are attractive will help drive the rally he sees continuing.
Wien revised his bullish forecast upward from just 6 weeks ago [link].