Despite an unexpected rise in jobless claims, markets continued an uptrend on Thursday. Byron Wien, vice chairman of Blackstone Advisory Services, shared his market insights.
“The news on the economy is really pretty good,” Wien told CNBC.
“It’s been flowing better than expected since the beginning of the year.”
Eventually, the good economic data will lead to job creation, said Wien. He also predicted that the S&P will reach 1,300 during the first half of the year.
“We have further upside to go, but I don’t know what the second half will be,” he said. “I’m worried that you’ll see rising interest rates and that the prospects for 2011 may not be as favorable as those for 2010.”
Among his sector picks, Wien likes technology, oil, materials and health care.
“I still believe the emerging markets are gaining almost a percentage point a year in world GDP, so I still like China, India, and Brazil,” he added. “You have to expose yourself to more volatility there.”
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No immediate information was available for Wien or his firm.