Analyst Shrugs Off Rising Oil Prices, Rate Fears
Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, told CNBC’s “Squawk on the Street” that he believes the market is poised to move higher despite rising oil prices and the possibility of higher interest rates.
“We’ve seen the slow point in this business cycle,” Wirtz said. “The economy is going to continue to show re-acceleration.”
He likes Diamond Offshore Drilling because major oil companies must replace reserves, and offshore drill sites offer great potential. “We think it has great growth on the horizon,” Wirtz said.
He also likes Google. “We don’t think it’s cheap, but we think Google has great growth momentum” Wirtz said.