GO
Loading...

Market Mavens Agree: Dump Utilities

Monday, 23 Apr 2007 | 5:08 PM ET

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.

Afternoon Markets
Creeping up to Dow 13,000, with David Joy, RiverSource Investments chief market strategist; Jeffrey Kleintop, LPL Financial Services chief market strategist and CNBC's Dylan Ratigan

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.

Featured

Contact

  • Showtimes

    United States
    Monday - Friday 3:00P ET
    Europe
    Monday - Saturday 21:00 CET
    Asia
    Tuesday - Saturday 03:00 SIN/HK
    Australia
    Tuesday - Saturday 05:00 SYD
    New Zealand
    Tuesday - Saturday 07:00 NZ
  • With almost 30 years experience in business television, Bill Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."

  • Kelly Evans

    Kelly Evans is an on-air correspondent, reporting across CNBC's business day programming. She is co-anchor of CNBC's "Squawk on the Street."