July 11 (Bloomberg) -- Blackstone Group LP’s Byron Wien said the Standard & Poor’s 500 Index may climb past 1,400 this year.
Wien, vice chairman of the advisory services unit of the world’s biggest private-equity firm, recommended buying Apple Inc. shares and said the iPad maker is the “most innovative” U.S. company. He said he’s also bullish on gold because the metal will retain its value should global growth slow.
“When everybody is so negative it’s usually a good time to take the other side,” he said today in a television interview on “Bloomberg Surveillance” with Tom Keene. “I think we can do better than 1,400.”
An advance to 1,400 would require a 4.4 percent increase in the U.S. equity benchmark from yesterday’s close. The S&P 500 has gained 6.7 percent this year. Apple shares have surged 50 percent this year, while gold futures in New York are up 0.6 percent.
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