Market Mavens Agree: Dump Utilities
The Dow set a new intraday record Monday and came within 17 points of 13,000 -- just six months after reaching 12,000. Jeff Kleintop, chief market strategist at LPL Financial, and David Joy, chief market strategist at RiverSource Investments, joined Dylan Ratigan on “Closing Bell” with their market outlooks.
Kleintop believes that the institutions, rather than the investors, have been doing all the buying in recent weeks. “‘Dow 13,000’ will be the catalyst to bring the individual investor back,” said Kleintop, who likes health care and technology -- but suggests getting out of utilities.
“The market is in good shape,” said Joy, who agrees with Kleintop on utilities, but likes energy, materials and industrials. “As a leverage to the global economic expansion which we think is extremely healthy, these areas are going to pick up some steam,” said Joy.