Market Sell-Off Was Healthy, But More Volatility Seen Ahead: Analysts
Harry Clark, founder, president and CEO of Clark Capital Management, told CNBC’s “Power Lunch” that last week’s sell-off was healthy for the market.
“We expected a correction for quite some time,” Clark said Monday. “We felt three to five percent was a definite need. The market was overstretched, overbought and needed a correction. Any excuse would have done it.”
Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, said he sees more volatility ahead.
“I’m not sure it’s quite over,” Wirtz said. “We’ve had such a strong and steady climb in the last nine months for the U.S. stock market that we were a little extended and probably due for a bit of a pullback.
"There’s going to be a degree of volatility as we go through the summer," he added. "Generally speaking, this market seems to have some resilience.”
He said interest rates are a major factor in the market now, but the fundamentals remain strong and stocks remain a good bet for investors.