Raises the estimate after the indices go into positive territory for the year. NEW YORK, April 4 (Reuters) - Merrill Lynch Chief Investment Strategist Richard Bernstein has raised his expected 12-month return on the Standard & Poor's 500 stock index <.SPX> to 12 percent from 8 percent, citing multiple expansions. "Our target is revised to 1590," Bernstein said in a note dated Tuesday. That would pass the record high of 1552.92 set in March 2000. "We do expect multiple expansions in 2007, but one should remember that multiple expansion often comes from falling "E" (earnings) as well as rising "P" (price). Thus, the interaction between earnings and interest rates might become quite important," he wrote.
No better fade than Merrill Lynch. The very firm that brought us Henry Blodget and the 'Technology Focus 20 Fund' at the very top of the .com bubble, which then proceeded to lose 97% of its value. Nobody does it better Makes me feel sad for the rest Nobody does it half as good as you Baby, you're the best I wasn't lookin' but somehow you found me It tried to hide from your love light But like heaven above me The spy who loved me Is keepin' all my secrets safe tonight And nobody does it better Though sometimes I wish someone could Nobody does it quite the way you do Why'd you have to be so good? The way that you hold me Whenever you hold me There's some kind of magic inside you That keeps me from runnin' But just keep it comin' How'd you learn to do the things you do? Oh, and nobody does it better Makes me feel sad for the rest Nobody does it half as good as you Baby, baby, darlin', you're the best Baby you're the best Darlin', you're the best Baby you're the best FADE Oh, oh, oh