Enter multiple symbols separated by commas

US Not in Recession, Stocks to Rise: Byron Wien

Former Morgan Stanley chief U.S. investment strategist Byron Wien remains an optimist and sees the stock market rising by the end of the year, he told CNBC Thursday.

"I don’t think we’re in a recession," said Wein, vice chairman of Blackstone Advisory Partners.

"We've had good news on initial unemployment claims, pretty good capital goods orders. I know earnings are going to be strong. Housing can’t get worse…It isn’t like you’re at a point where a lot of bubbles are about to burst. The bubbles have already burst. Things can get better because they can’t get worse."

His optimism extends to the stock market. He doesn't expect "a booming bull market, but we're in a bottoming process here and stocks will be somewhat higher at the end of the year." He finds stocks in the technology and energy sectors attractive.

The economy will improve as demand increase,s but "tax incentives and low interest rates are not going to create demand...You need some form of stimulus program," particularly in infrastructure projects, Wein said.

"Innovation is one thing we’re good at and we have to do something to encourage those industries."

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Dishonesty: Do bankers cheat twice as much?

    Duke professor Dan Ariely says the 2008 financial meltdown was a perfect storm of dishonesty. Tune in Thursday, May 28 10p ET/PT.

  • Dishonesty: Scandal in the NBA

    NBA referee Tim Donaghy used inside information to bet on games. He got so good at it that the mob made him an offer he couldn't refuse. Tune in Thursday, May 28 10p ET/PT.

  • Dishonesty: Learning to lie

    All creatures, great and small, dissemble. For humans, the ability to lie persuasively depends upon how well we understand one another. Tune in Thursday, May 28 10p ET/PT.