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Byron Wien: 'Back to Normal' Stock Rally Could Last Years

Byron Wien: 'Back to Normal' Stock Rally Could Last Years

By    |   Wednesday, 25 November 2020 09:00 AM

Investment guru Byron Wien sees a “back to normal” stock-market rally lasting for years after the Dow industrials topped 30,000 for the first time.

“My view is that the most important thing to think about is that we’re headed back to normal, and that’s why the markets are responding so favorably,” he said on CNBC.

“I think we’re in a long cycle here that’s going to last several years ... I also think that the economy is going to be expanding during that period,” the vice chairman of Blackstone Private Wealth Solutions Group said.

Wien noted that the market “may be getting a little ahead of itself,” but believes that ultimately time will bail out investors who might pay too much now.

“If you’re patient and hold on, you probably will be rewarded,” he said.

Wien isn't alone in his market optimism.

Hopes of a COVID-19 vaccine following promising trial data from three major drugmakers as well as a smooth White House transition have lifted Wall Street's main indexes to record highs and set the benchmark S&P 500 on course for its best November ever.

Market participants said they expected U.S. stocks to climb even higher, with a recent Reuters poll showing the S&P 500 is poised to rise 9% between now and the end of 2021, according to a Reuters poll of strategists.

The index has surged about 66% since the coronavirus-led crash in March and is up about 12% so far this year.

The benchmark S&P 500 will finish 2021 at 3,900, a 9% gain from its close Monday of 3,577.59, according to the median forecast of 40 strategists polled by Reuters over the last two weeks.

The index is expected to end 2020 at 3,600, close to its current level, according to the poll median.

Recent evidence of high efficacy rates in experimental COVID-19 vaccines has driven an advance in equities this month, and strategists in the poll cited progress in the vaccine as the main factor behind their forecasts.

"They assume a vaccine is widely available starting some time in the second half of 2021," said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute, which has a 2021 year-end forecast for the S&P 500 of 3,900.

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Investment guru Byron Wien sees a “back to normal” stock-market rally lasting for years after the Dow industrials topped 30,000 for the first time.
byron wien, dow, 30000, stock market, rally
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2020-00-25
Wednesday, 25 November 2020 09:00 AM
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