Markets on the Verge of Recovery: Experts
Friday's unemployment numbers were disappointing at face value, but economic data on the whole has been consistently building a foundation for recovery, said Robert Keiser, Standard & Poor's senior director.
"Typically at turning points the economic data is very mixed," Keiser said. "The big message here is that the rate of decline in payroll losses is diminishing. That theme fits very nicely with the recovery theme we've seen in other high-profile economic indicators."
Jordan Kimmel, market strategist for National Securities, said that while stocks haven't moved much off of the optimistic data, the new lows have disappeared, and leaders are starting to emerge in the technology and health sectors.
"Small cap, mid cap are leading the market like they do every new bull market," he said. "Every little selloff is shallow and quick because money is trying to fight its way back into the market."
Because home prices have stabilized, liquidity is flowing through the system and the financial system has healed itself, both Keiser and Kimmel said they see the S&P ending the year above its current level.
Financials on the Rise:
Bank of America
Disclosure information was not available for Kimmel, Keiser or their companies.