Wien Buys in S&P 500 Drop as Birinyi Sees Stock Volatility

The biggest retreat in the Standard & Poor’s 500 Index since August is creating a buying opportunity for investors willing to withstand declines that may reach 10 percent, according to Blackstone Group LP’s Byron Wien.

The benchmark gauge of U.S. stocks tumbled 2.3 percent to 1,314.55 yesterday after manufacturing expanded at the slowest pace in more than a year and employers hired fewer workers than forecast. The decrease was the 126th decline of 2 percent or more during bull markets since 1962, according to Kevin Pleines, an analyst at Birinyi Associates Inc. in Westport, Connecticut. Of those, 30 percent occurred within a month of the start of a so-called correction, or 10 percent drop, he said.