S&P 500 Poised to Reach 1,380 by September, Laszlo Birinyi Says

The bull market in American equities is intact and the Standard & Poor’s 500 Index will probably reach 1,380 within the next few months and rally from there, according to Laszlo Birinyi.

Birinyi, president of research and money-management firm Birinyi Associates Inc. in Westport, Connecticut, said concern about second-quarter earnings are overblown and too many investors are worried about a “worst-case” outcome for stocks. About 71 percent of the 216 companies in the S&P 500 that have reported results have exceeded analysts’ profit estimates, according to data compiled by Bloomberg.