Tags: Altman | stock | rally | lion

Roger Altman: US Is 'Healing,' Stock Rally Will Continue

Wednesday, 29 May 2013 08:12 AM

By Dan Weil

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The stock market, which has continuously hit record highs in recent weeks, might not rise much further this year, but there are likely plenty of gains to come, says Roger Altman, chairman of Evercore Partners.

"We may have seen the lion's share of the gains for 2013, but I don't think we've seen the lion's share of the gains for a three- to five-year period," he told CNBC.

The Standard & Poor's 500 Index has risen 16 percent so far this year.

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"The macro factors underlying the market remain positive," Altman said. "The United States [is] healing slower than anyone would like, but healing."

As areas of strength, he mentioned housing, autos, energy, retail sales and lending.

When it comes to housing, The S&P/Case-Shiller home price index soared 10.9 percent in March from a year earlier. That's the biggest gain since April 2006.

"We're slowly building a foundation for ... a stronger 2014, 2015 and 2016, which really ought to be pretty good years in the United States — 3 percent [economic] growth or maybe a little bit better," Altman said.

Some commentators believe the robust stock rally over the past four years has put the market into bubble territory, but New Yorker economics writer James Surowiecki disagrees.

"The argument for a stock market bubble is flawed," he writes.

"When it comes to the role that corporations play in the U.S. economy, the present looks very different from the past. ... The four most dangerous words in investing may be 'this time, it’s different.' But this time it is different."

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