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Wien: Stock Market Will End Year Higher Than Today

Topics:Banking

Sectors:Financial Services | Banks

Companies:Coca Cola Co | Goldman Sachs Group Inc | JPMorgan Chase and Co | Morgan Stanley

By: By CNBC.com | 15 Oct 2008 | 07:23 AM ET

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The stock market has hit a low and will end the year higher than it is today, a top market watcher told CNBC Monday.

Byron Wien, Pequot Capital Management's Chief Investment Strategist, said "we've made a low, we're going to rally and then retest it."

(Click here to see Byron Wien's interview)

Wien is optimistic enough about the market to see "opportunities in every sector," including financials, which will benefit from an "enormous number of policy moves."

For Investors

Morgan Stanley [MS Loading... () ] is "an extremely strong company" and "has a bright future," said Wien, who worked there for two decades.

Wien made his prognoses as JPMorgan Chase [JPM Loading... () ] reported better-than-expected earnings for the third quarter, despite the credit crunch tumult. Coca-Cola [KO Loading... () ] also also surprised on the upside.

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