JeeYeon Park is a writer for CNBC.com.
This is nothing but a relief rally in a secular bear market and we’ll be in a secular bear market for another 10 to 15 years, said David Hefty, principal of Cornerstone Wealth Management.
The Dow turned lower in late morning trading as investors continued to digest earnings reports from a slew of top-tier companies. After turning positive mid-morning, the blue-chip average slipped back into negative territory, joining the two other major indexes. An economic report showing an unexpected rise in new housing starts and building permits helped stoke some enthusiasm. Wall Street will attempt to make it a perfect week for the bulls—with the Dow, the S&P 500 and the Nasdaq rising in all four trading days so far this week. Read and listen to what the experts had to say...
The quarterly reports for the big banks were terrible across the board, but stocks are up because the psychology and the method of valuing bank stocks have changed, said Richard Bove, financial strategist at Rochdale Securities.
Russ Koesterich, head of investment strategy at Barclays Global Investors and Jason Trennert, chief investment strategist at Strategas Research Parteners LLC shared their economic outlooks.
Many financials are up sharply from the bottom in March — but still down substantially from where they were a year ago. Anton Schutz, portfolio manager at Burnham Financial Funds, and Tom Brown, CEO of Bankstocks.com, told investors where to invest in the financial sector.