Oct. 22 (Bloomberg) -- The Standard & Poor’s 500 Index will rise past 1,800 as earnings and the U.S. economy improve, Michael Shaoul, the chairman and chief executive officer of New York-based Marketfield Asset Management LLC, told Bloomberg TV.
“We feel pretty good about equities,” said Shaoul in an interview from New York. “Corporate earnings point to a re- accelerating domestic economy. 1,800 is attainable.” He did not specify a time frame.
The benchmark U.S. equities gauge yesterday rose to 1,744.66, extending a record high as economists pushed back expectations as to when the Federal Reserve will reduce record stimulus and investors await jobs data delayed by the U.S. government shutdown.
The investment advisory firm’s $16.7 billion flagship MainStay Marketfield Fund climbed 15 percent this year and has beaten returns of 99 percent of its peers in the past three years, according to data compiled by Bloomberg.
--With assistance from Zeb Eckert in Hong Kong. Editor: Jim Powell