More bull: ING investment gurus predict market run will extend into 2010

DEC 01, 2009
The Dow Jones Industrial Average will end this year around 1135 — and is poised for another 10% to 15% growth next year, predicted Paul Zemsky, senior v.p., and head of multi-asset strategies & solutions group. “We are of the view that there will be no double-digit dip in 2010,” Mr. Zemsky said this morning at a press briefing in New York. “We predict a mild recovery.” Specifically ING anticipates the gross domestic product to grow 3% in 2010 and personal consumption will increase by 2.5%. Despite these improvements, the money management firm forecasts unemployment to hover around 9.5% in 2010. The company doesn’t anticipate unemployment to begin to drop until end of the first quarter, said Uri Landesman, chief equity strategist and senior portfolio manager. When discussing which sectors it favors, Mr. Landesman said ING has identified the technology sector as an area of growth over the next several months. This will partially be driven by consumer spending during the holiday season, but also by companies upgrading their software and infrastructure next year, Mr. Landesman said. One area where ING Investment Management is not as optimistic as the consensus forecasts is in the savings rates. “We don’t have savings rates going to 8% anytime soon,” Mr. Zemsky said. “People are not that flush.” Instead, ING’s view is that savings rates may eventually hit 8% but not for another four to six years, he said.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.