Blackstone’s Byron Wien told Bloomberg anchor Tom Keene today that he believes the S&P 500 is on its way to 1500 this year.He gave a few reasons for that:
- First, Wien believes that oil prices will decline for the rest of the year.
- He believes that investors are misreading the euro crisis. “At least for the next two or three years it’s going to hold together,” he said. “The European Central Bank and the other institutions it’s established will keep it together.”
- Wien had previously said that the stock market was headed to 1400 even when his calculations for the year showed 1500, because at the end of last year equities looked bad at the time and he was hesitant to be so bullish. Now that the S&P 500 is at about 1400, he thinks that 1500 is really possible.
- He believes the U.S. economy will do better than anyone is expecting.
SEE ALSO: Byron Wien’s 10 Predictions For 2012 >