US stocks 'ain't going no place' this year: Blitzer

U.S. markets are heading for an underwhelming year with stocks looking a little expensive and no central bank stimulus on tap, David Blitzer, managing director of S&P Dow Jones Indices, said on Wednesday.

"We're one quarter into the year. I think we're up almost 1 percent, including the dividend. We ain't going no place this year," Blitzer told CNBC's "Squawk Box."

"We do know [quantitative easing] still works. Call up anybody in Europe. Their stocks are doing well, but no QE and no great excitement in the first quarter, I think is the story in the U.S. right now," he said.

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The Federal Reserve's bond-buying program had positive effects on the economy and was the right thing to do at the time, but that does not mean it is still the solution, Blitzer said.

He also addressed S&P Dow Jones' decision to add Apple to the Dow Jones industrial average, saying it was driven not only by the tech giant's stock split, but Visa's, as well.

Shares of Apple were trading at about $700 prior to its stock split last year—a price that would have thrown off the index because it is weighted by stock price rather than market value. The company was simply too expensive to work within the Dow.

At the same time, Visa's stock split, and the resulting lower price per share, threatened the weighting of technology in the Dow.

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As for the absence of Google in the Dow—which, like pre-split Apple, is too expensive—Blitzer said the index cannot be expected to represent the entire U.S. market.

"It's 30 stocks. There are roughly 4,000 traded equities in the U.S. market of $15 or $20 million market cap or more, so to say, 'I've got 30 stocks that will tell you about 4,000 is a bit of a stretch.'" he said.