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September 28, 2009 at 08:00 PM
Bloomberg reports the Standard & Poor’s 500 Index is poised for its biggest fourth-quarter rally in a decade as the economy recovers and earnings exceed analysts’ forecasts. So says Byron Wien, vice chairman of Blackstone Group LP.
The benchmark gauge for U.S. stocks will rise to 1,200 by the end of the year, a 13 percent advance from today’s close of 1,062.96, Wien said in a telephone interview with the news service. The forecast is a reiteration of Wien’s prediction at the start of 2009 that the S&P 500 would climb 33 percent this year.
