Tags: Uri | Landesman | ING | S&P

ING's Landesman: S&P to End Year Above 1,250

Monday, 08 Feb 2010 09:34 AM

The market will see a slight rebound, but will not see huge increases for 2010, says Uri Landesman, head of global growth at ING Investment Management.

“Short-term, I think we’re in a relatively narrow range of S&P 1,040 to 1,140. We'll probably rally ... but we're in a tight range,” Landesman told CNBC.

Throughout 2010 Landesman predicts there will be a greater range between 1,000 and 1,300.

“We’re going to end the year in the 1,250 to 1,275 range,” he said.

Investors looking to rebalance their portfolios should stay away from China for the first half of the year, Landesman said.

“I’m still a long-term believer in the story but right now, I’d be on the sidelines,” he said.

Landesman is a fan of large cap companies.

“We’re raising our allocation towards the larger capitalization names in the portfolio, and think the U.S. is going to be one of the best performing markets in the world this year, led by the high-quality super cap names,” he said.

He also recommends buying U.S. foreign stocks technology compared to foreign ones.

He also likes the consumer staples sector, industrials, HMOs and pharma/biotech within health care.

The lack of a faster recovery in the service sector has recently affected the market, Bloomberg reported.

“The rate of expansion in the service sector is significantly slower than in the manufacturing sector, and it is service industries that drive the economy,” said Mark Freeman, a money manager at Dallas-based Westwood Management Corp., which oversees $10 billion.

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The market will see a slight rebound, but will not see huge increases for 2010, says Uri Landesman, head of global growth at ING Investment Management. Short-term, I think we re in a relatively narrow range of S P 1,040 to 1,140. We'll probably rally ... but we're in a...
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2010-34-08
Monday, 08 Feb 2010 09:34 AM
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