Tags: BlackRock | S&P | Target | Rally

BlackRock Raises S&P 500 Target, But Says Rally Over

Tuesday, 25 Sep 2012 02:28 PM

BlackRock Inc., one of the world's largest asset managers, has raised its expectations for the U.S. stock market in 2012 but believes this year's equity rally has run its course, according to targets provided by the firm on Tuesday.

The Standard & Poor's 500 will finish 2012 at 1,450 and rise to 1,525 by middle of 2013, according to Chris Leavy, BlackRock's chief investment officer, fundamental equities of the Americas.

The new targets are an increase from the firm's earlier forecasts and reflect a 7 percent rally in the benchmark index since early August. Earlier, the firm projected the S&P would finish the year at 1,350 and rise to 1,400 by mid-2013.

BlackRock provided the targets to Reuters, which is releasing its broad global equity poll on Wednesday.

The firm had assets under management of about $3.56 trillion on June 30, including $297 billion in equities under management.

At midday Tuesday, the S&P 500 was down just marginally at around 1,455, just above where BlackRock says it will finish the year, but 4.8 percent below its target for the middle of next year.

The new targets are the first from Leavy, who took over in June from Bob Doll, the firm's chief equity strategist. Doll, a 30-year industry veteran, is in the process of retiring from the firm. Leavy has already taken over responsibility for the firm's large-cap series funds.

Leavy was not immediately available for comment.

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
BlackRock Inc., one of the world's largest asset managers, has raised its expectations for the U.S. stock market in 2012 but believes this year's equity rally has run its course, according to targets provided by the firm on Tuesday.
BlackRock,S&P,Target,Rally
237
2012-28-25
Tuesday, 25 Sep 2012 02:28 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved