Wells Fargo Says Buy Stocks After Drop as Profits, Economy Grow

Plunging gold prices and the biggest drop in five months for U.S. equities presents an opportunity to increase holdings of stocks as economic and profit growth remain intact, according to money managers at Well Fargo and BPI Asset Management Inc.

Gold tumbled 9.3 percent yesterday, the biggest loss since 1980, and the Standard & Poor’s 500 Index fell 2.3 percent as data showed Chinese economic growth and industrial production expanded less than economists estimated. The MSCI Asia Pacific Index retreated for a second day today, heading for its worst two-day decline in five months, led by raw-material producers and energy companies.