GO
Loading...

Strategist Sees a "Soggy Summer" For Stocks

Monday, 11 Jun 2007 | 3:47 PM ET

Jim Swanson, chief investment strategist at MFS Investment Management, told CNBC’s “Closing Bell” that he expects the stock market to be generally downbeat this summer.

“(I look for) a soggy summer with down spikes because the market hates uncertainty,” Swanson said Monday. “But I think we’re going to come out of the year okay.”

Afternoon Markets
Stocks get a bit of relief as 10-year yields retreat from last session's highs, with Jim Swanson, MFS Investment Management chief investment strategist; David Bianco, UBS chief equity strategist and CNBC's Maria Bartiromo

He said the market sold off last week when investors finally realized the Federal Reserve Chairman Ben Bernanke wasn’t going to cut interest rates. “You’re not going to see a decisive move up in stocks until the end of summer,” Swanson added.

David Bianco, chief U.S. equity strategist for UBS, said investors are focused on interest rates.

“What we’re having is a bit of a growth scare, (and that’s) very different from what investors have been worried about for the past few months,” Bianco said. “Investors are realizing that the U.S. economy is in decent shape and the global economy is having a positive influence on S&P earnings. That’s helping corporate spending and even the jobs environment.”

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."