Al Goldman, chief market strategist for A.G. Edwards, told CNBC’s “Street Signs” that he expects the market to continue to rise throughout the year.
“We had madness in March and the market was down,” Goldman said Tuesday. “We needed the correction. Since 1950, April has been the best month for the Dow (Jones Industrial Average) of the year. The economic news is mixed and the market chooses to go up, which is a sign of resilience and an underlying bullish trend.”
He expects the S&P 500 to rise 8% to 9% from its present level by the end of the year. He said people will be “pleasantly surprised” by first quarter earnings.
“The economic news, although mixed, shows that the Fed has pulled off, in our opinion, a soft landing (for the economy),” he said. “We think the Fed is going to be very friendly by summer or early fall to and lower interest rates.”
He suggested investors look at blue-chip stocks in defensive sectors.