The $1.9 trillion restored to U.S. equity prices in 2012 has
pushed the Standard & Poor’s 500 Index within 10 percent of a record, more
than 7 percentage points closer than any country among the world’s biggest
stock markets, Bloomberg told us.
The benchmark gauge for American equities climbed 2 percent
to 1,432.12 yesterday as the European Central Bank detailed its bond-buying
plan and data boosted optimism in the labor market. More gains are likely as
bearish investors give up and start buying, according to Laszlo Birinyi,
president of Birinyi Associates Inc. in Westport, Connecticut.
“They realize it isn’t working,” Birinyi, an equity trader
for Salomon Brothers Inc. in the 1980s, said in a telephone interview. “The
excuses of no volume and earnings aren’t going to be good -- that’s not
happening, and maybe it’s time to join the party.....”
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