U.S. stocks offer a great buying opportunity and will be able to withstand the current market unrest resulting from problematic bailout talks in Cyprus, Philadelphia Trust Co. CEO Michael Crofton told CNBC on Tuesday.
"The U.S. market is still cheap and a great place to be invested," he said, dismissing any notion that the crisis in Cyprus would weigh on international markets outside of Europe. His confidence is based on the belief that there is still enough money "on the sidelines" waiting to be invested to ensure an inevitable market correction is both minor and short-lived.
"Cyprus is somewhat problematic from the point of view of European sovereignty but that's a much bigger issue. I don't think this market's going to be very badly affected by it. I think we're going to power through it; the (Federal Reserve's) driving the boat, it's a big boat and I think the Fed has engineered a turnaround in the U.S. economy," Crofton said.
"Now it needs to catch on, gain some momentum, pick up the ball from the Fed and move forward on its own," he said.
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