Celgene, the world’s fourth-largest biotechnology company, gained more than 22 percent since the start of the year after forecasting that earnings may exceed estimates in 2013.
While the U.S. is growing at a slower pace than its average since 1947, it will expand 2.8 percent next year, up from 2 percent in 2013, according to the median estimates of 96 economists compiled by Bloomberg. Unemployment has fallen to the lowest level since Obama took office in 2009 and U.S. pending home sales rose for three straight months, according to November data from the National Association of Realtors.
“Indicators are bullish and equity hedge funds are jumping on the bandwagon, thinking now is a good time to have more exposure to the market,” Anurag Bhardwaj, head of hedge fund consulting at Barclays Plc in New York, said in a phone interview. “That’s a good thing for the market overall.”