Ben Bernanke’s reappointment as Federal Reserve chairman is a sign of stability to the markets, said Bryan Place, president of Place Financial Advisors.
“It’s hard to imagine who the replacement would have been. This is good for the market,” Place told CNBC.
Place said there is still “a lot of room” for the markets to run—and it's a bad time for investors to be in cash or short.
“Anytime the market goes down 15 to 20 points on the Dow, there seems to be money coming in to support it,” he said.
Place said he likes the industrials, technology and the basic material commodities.
Those sectors "have a fair amount of room to run from the global expansion theme while the staples and health care have been laggards,” he said.
No immediate information was available for Place or his firm.
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