Tags: blackstone | byron wien | s&p 500 | gains

Blackstone's Byron Wien: 15 Percent Yearly Gains on S&P 500 to End Soon

Friday, 20 September 2019 03:10 PM

Investing guru Byron Wien warned savvy market watchers that he predicts the S&P 500 won’t be posting double-digit percentage gains in 2020 and beyond.

“My view is the S&P is going to end with somewhat improved earnings,” Wien, vice chairman of the private wealth solutions group at Blackstone, told CNBC.

“You’re going to have rising [bond yields], so you won’t have multiple expansion. So the equity market will rise maybe 5% annually, and you’re going to have to adjust to that,” he reasoned. “The 10% to 15% [return] years are over for a while,” he said.

For 2019, the index is up more than 20%, CNBC explained.

U.S. stocks ticked higher on Friday, as cues of easing monetary policy around the globe and signs of further co-operation on Sino-U.S. trade talks kept the S&P 500 within 1% of a record high, Reuters reported.

China cut its new one-year benchmark lending rate for the second month in a row, days after the Federal Reserve and the European Central Bank reduced borrowing costs and left the door open for further monetary stimulus.

“Even though the Fed has cut rates, the economy actually looks pretty good,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

“The consumer is strong, the numbers that we’ve seen from a lot of economic data look good. Next week would be the end of the quarter, so we’ll probably see a little bit of buying.”

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Investing guru Byron Wien warned savvy market watchers that he predicts the S&P 500 won’t be posting double-digit percentage gains in 2020 and beyond.
blackstone, byron wien, s&p 500, gains
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2019-10-20
Friday, 20 September 2019 03:10 PM
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