Stocks May Enter Bull Market, Morgan Stanley's Wien Tells NYT
By Claudia Carpenter
03/23 11:01
quote.bloomberg.com
New York, March 23 (Bloomberg) -- Stocks may be about to enter a bull market, Byron Wien, senior investment strategist at Morgan Stanley & Co., told the New York Times ``Market Insight'' interview column.
The Dow Jones Industrial Average and the Standard & Poor's 500 Index turned higher for the year last week as U.S. and U.K. troops entered Iraq. Wien told the paper the rally ``will carry further than the consensus expects'' though first-quarter earnings are likely to be disappointing.
``The very strong move we have had is actually encouraging, because that is the way important bull markets often start,'' Wien told the paper. ``There will be some pullback, but I am on the bullish side of the consensus.''
First-quarter earnings were probably hurt because the economy was ``held back by the war and the weather,'' Wien told the Times. ``But the remaining quarters will be positive.''
Stocks worldwide fell for a third straight year in 2002 amid concern about corporate scandals, slowing economic growth and threats of terrorism and war. Last week, the Dow gained 8.4 percent, the biggest weekly gain since Oct. 8, 1982, and the S&P 500 advanced 7.5 percent.
(New York Times 3-23, 3-6) (For the New York Times Web site, see {NYTI <GO>}.) |
