Blackstone Group's Byron Wien said the Standard & Poor's 500 index might climb past 1,400 this year.
Mr. 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 Wednesday in an interview on Bloomberg TV. “I think we can do better than 1,400.”
An advance to 1,400 would require a 4.4% increase in the S&P 500 from Tuesday's close; it has gained 6.7% so far this year. Apple shares have surged 50% this year, while gold futures in New York are up 0.6%.