Tags: byron wien | s&p 500 | 3 | 000 | stocks | year | end

Byron Wien: S&P 500 Will Hit 3,000 by Year's End

(Nuthawut Somsuk/Dreamstime)

Friday, 09 November 2018 11:45 AM

Investment guru Byron Wien predicts that the seemingly endless bull run in the stock market is far from over.

Wien recently told CNBC he is "not backing away" from forecasting a level of 3,000 for the index. If the S&P500 would hit 3,000, it would represent a 7.8 percent increase from Friday midday’s reading of 2,782.

"If we don't get to 3,000, we'll get pretty close to it," said Wien, a Blackstone Group vice chairman.

Wien appeared to look past recent volatility to focus on robust earnings in the near future.

"We got undervalued in the correction [in] October," said Wien. "Earnings next year are going to be good, too. They won't be up 20 [percent], but they may be up 10 [percent]," he said.

"In an environment where earnings are increasing 10 percent, the market is not overvalued as long as interest rates don't go up too much," he concluded.

To be sure, the S&P 500 might have a much higher climb to reach the 3,000 goal as stocks dropped Friday as energy, technology and internet companies moved lower.

Crude oil is on track to drop for the tenth day in a row and is trading at its lowest price since March, leading to steep losses for oil companies in recent weeks. 

Stocks have fallen over the last two days but are still on track for strong weekly gains, the Associated Press reported. 

“A lot of investors look at oil prices as the general indicator of the global economy, so it being weak is not a good sign,” Scott Brown, chief economist at Raymond James in St. Petersburg, Florida, told Reuters.

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Investment guru Byron Wien predicts that the seemingly endless bull run in the stock market is far from over.
byron wien, s&p 500, 3, 000, stocks, year, end
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2018-45-09
Friday, 09 November 2018 11:45 AM
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