Tags: James | Altucher | S&P | 1 | 300

James Altucher: S&P to Jump to 1,300 by Year's End

Wednesday, 07 Apr 2010 10:05 AM

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
The stock market will continue to flourish and could even rise more than 9 percent to 1,300 by December, said James Altucher, managing partner of Formula Capital.

He disagrees with the bears who believe the market will head downward anytime.

“The bears have been consistently wrong throughout this whole rally. If you followed the bears' advice at the bottom, you'd be dead broke right now. Better to be consistently bullish than consistently bearish,” he told Yahoo Finance TechTicker.

Altucher said that even though many homes are in foreclosure, the market is improving and leveling off since the data from Case-Shiller shows the housing index has increased during the past six months.

Businesses now need to desperately rebuild their inventory, which will boost the economy for up to two years, he said.

“People are going to be surprised how fast and furious this inventory rebuild is going to happen," Altucher said.

While unemployment remains high at 9.7 percent, there are now more temporary workers, he points out. Other employees are also getting more pay per hour, more hours each week and more part-time hours, he said. These gains will lead to additional full-time jobs.

“Before this is fully over we're going to see new all-time highs again. And I do think that we're going to see 1,300 by the end of the year on the S&P," Altucher said. The index recently traded at about 1,188.

Other experts also predict that the S&P will keep rising, Bloomberg reported.

Katie Stockton of MKM Partners said she believes the S&P 500 will increase by 13 percent during the next several months. The S&P could reach 1,325, she said. Her previous projection was between 1,220 and 1,230.

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Scientists: Earth Narrowly Escaped Devastating 2012 Solar Storm

Wednesday, 30 Jul 2014 19:07 PM

A powerful solar storm's near-miss with Earth two years ago could have wreaked massive havoc, but businesses and governm . . .

Health Experts Worry Ebola Epidemic Could Go Global

Wednesday, 30 Jul 2014 17:58 PM

Doctors in Britain are being warned to be on the lookout for possible cases of Ebola disease. "The issue is about the po . . .

Facebook Slapped With $123 Million Lawsuit Over 'Revenge Porn' Page

Wednesday, 30 Jul 2014 15:44 PM

A woman has filed at $123 million lawsuit against Facebook and a former friend for what has become known as revenge por . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved