Birinyi Stays Bullish as Big Money Holds the Line on Tech Stocks
- Block trades show large investors are buyers amid Nasdaq slump
- Sticks to forecast S&P 500 will climb to 2,860 by June
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Laszlo Birinyi, a steadfast bull during the nine-year U.S. equity rally, is unfazed by the recent market turmoil.
While technology stocks led this week’s retreat amid Facebook Inc.’s privacy scandal and President Donald Trump’s threat to Amazon.com Inc., investors would be better off ignoring regulatory risk, according to the founder of Birinyi Associates Inc. He cited Google parent Alphabet Inc. as an example of shares rising despite a slew of probes that led to a record corporate penalty.