Hedge-fund manager David Einhorn cautioned against betting on the extension of a U.S. stock- market rally that he said was fueled by conditions that are difficult to sustain.
U.S. stocks have too much momentum to make betting against the Standard & Poor’s 500 Index a winning strategy and the gauge will probably reach 1,900 next quarter, according to money manager Laszlo Birinyi.
Gold and silver extended their longest rallies since August while U.S. stocks closed higher following the biggest two-day gain since October. The yen strengthened and Chinese shares advanced.
The following is a selection of the most important news affecting the oil market.
Five companies highlighted by fund manager Laszlo Birinyi as poised to gain in 2012 have returned more than four times as much as the Standard & Poor’s 500 Index.
The biggest rally in U.S. stocks since the 1990s technology bubble is poised to slow, with the Standard & Poor’s 500 Index adding 2.5 percent by the end of the year, Birinyi Associates Inc. said.
Weakening economic growth will cut returns for the Standard & Poor’s 500 Index this year while failing to end the bull market that started 17 months ago, according to Birinyi Associates Inc.
Corporate buybacks may be headed for their fourth-largest year, recovering a slump in 2009 following the worst recession since the 1930s, according to Birinyi Associates Inc.
U.S. stock investors, battered by losses in May for two straight years, have never been so sure that history will repeat itself, a sign to Birinyi Associates Inc. that it’s time to buy.
Analysts who use patterns in price and volume charts to forecast gains or losses in the stock market fail to make investors money, according to a study of technical analysis by Birinyi Associates Inc.
"We are not suggesting a correction or a decline, but instead that there will be a period of treading water."
- Laszlo Birinyi on Aug 07, 2013
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