It looks like the markets are in the midst of climbing over a “wall of worry,” says Alec Young at Standard & Poor’s. He expects the market rally to continue and for investors to start putting their money to work.
“We’re going to get a gradual recovery in the economy and earnings as we move into next year and that’s what’s driving the [market] gains here,” he told CNBC.
Young recommended investors to look into the following sectors:
“The reason why the group is rallying is because people realize that [tech] companies still want to become more efficient in these difficult times and they can help,” said Young. “So as investors look to place bets on where spending is going to bounce back first, we think tech fits the bill.”