Tags: Birinyi | Investors | Stocks | S&P

Birinyi: S&P 500 Can Hit 3,200 by 2017

By    |   Wednesday, 05 August 2015 11:33 AM

The S&P 500 is poised to soar more than 50 percent from its current level in the next few years, investor Laszlo Birinyi told CNBC.

The Standard & Poor's 500 index on Tuesday dropped 4.72 points, or 0.2 percent, to close at 2,093.32. He said the index can rise to 3,200 within two years.

"What we're really trying to tell people is stay with it. Don't let the bad news shake you out," he told CNBC.

The S&P has risen more than 50 percent in the last three years. It has inched nearly 2 percent higher so far this year.

“Most people don’t realize that we are now in the second greatest S&P500 rally in the history, and we are actually ahead of the 1990 rally,” he said. "There's no reason why we can't keep on going," Birinyi said.

Other experts also see the global financial gloom of recent years easing just a bit.

“With hindsight it is clear that the world economy came within a whisker of recession earlier this year,” noted The UK Telegraph’s Ambrose Evans-Pritchard.

“This episode is now behind us. Leading indicators and monetary data in the US, Europe and China point to an accelerating rebound over coming months,” he wrote.

“America is slowly weathering the effects of the strong dollar. The economy grew at a 2.3 percent rate in the second quarter. Capital Economics expects it to accelerate to 3 percent in the second half. It is not a glorious boom, but nor is it the stuff of global meltdowns.”

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The S&P 500 can rise to 3,200 within two years, a more than 50 percent upside from its current level, bullish investor Laszlo Birinyi said. Tuesday, the Standard & Poor's 500 index dropped 4.72 points, or 0.2 percent, to 2,093.32.
Birinyi, Investors, Stocks, S&P
Wednesday, 05 August 2015 11:33 AM
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