Pacific Investment Management Co.s Bill Gross, manager of the worlds biggest bond fund, expects stocks and bonds to return less than 5 percent in 2013 as high unemployment persists, he wrote in a Twitter post.
Grosss message reaffirms what he wrote this month in his December investment outlook, which said structural headwinds may lower real economic growth below 2 percent in the U.S. and other developed nations. The Standard & Poors 500 Index has gained 14 percent this year including reinvested dividends. The Bank of America Merrill Lynch U.S. Corporate and Government Index is up 5.2 percent in 2012, and gold has risen 4.8 percent.
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