Investment guru Bryon Wien thinks the seemingly endless bull market is far from over.
"The bull market is not over, we are only in the fifth inning," Wien recently told TheStreet.com.
Wien, vice chairman of Blackstone Private Wealth Solutions, sees the S&P 500 reaching 3,000 by year end, up from 2,865 currently, the Street.com said.
Wien predicts continued robust corporate profits under the business friendly Trump administration.
Wien sees healthcare and industrials as being undervalued sectors, the report said.
Meanwhile, others agree with Wien that the Wall Street bull may just have some more room to continue raging.
Though born at the depths of a crisis, rarely has a bull market had better support than this one, which just became the longest ever recorded by some definitions. Tame valuations, little competition and earnings growth that looked spectacular but rarely got above the historical trend -- these were the forces that sent the S&P 500 up 320 percent over 3,453 days, Bloomberg explained.
Is it over? A look at the forces that powered the rally that just usurped the dot-com bubble suggests the ingredients for gains haven’t been used up.
“Often when you hit these milestones, it causes psychological issues,” said Tom Plumb, chief investment officer of the Plumb Funds in Madison, Wisconsin. “But the reality is, it’s long because we’ve been a favorable environment, and a lot of the underpinning of that favorable environment is still in place.”
U.S. stocks were mixed on Wednesday, with the Nasdaq gaining on the strength of tech stocks while the S&P 500 was little changed as it marked its longest bull-market run, Reuters explained.
Former Trump campaign manager Paul Manafort was found guilty of tax and bank fraud charges on Tuesday evening, while Trump’s former personal lawyer Michael Cohen pleaded guilty to a range of charges and said he acted at the direction of Trump.
Investors are considering whether the twin setback will hurt the Republican Party’s election prospects and widen a criminal probe that has overshadowed Trump’s presidency.
“There was quite a lot of news that was negative for Trump yesterday that introduced uncertainty into the market,” said Robert Phipps, director at Per Stirling Capital
“We’re at a point of technical resistance,” Phipps said. “We need a catalyst to break through it, but there’s not currently one on the docket.”
On Tuesday, the S&P 500 reached an all-time intraday high but ended the session below that level.
The S&P’s bull-market run has now stretched for 3,453 days, the longest streak by commonly used definitions, and comes a day after it hit a record intraday high.
Material from Bloomberg and Reuters were used in this report.
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