Stocks rallied on Wednesday and the Dow closed above 10,000 for the first time in over a year, fueled by strong earnings from JPMorgan and Intel . Rick Bensignor, chief market strategist at Execution, and Jill Evans, co-portfolio manager at Alpine Funds, discussed what lies ahead.
“I don’t think the number itself has any significance,” Bensignor told CNBC. “It’s just a number.”
Bensignor said if the market continues its move upward, it’s not due to the Dow passing 10,000, but because earnings season continues to give positive numbers that propel stocks higher.
Bensignor said he likes technology, material, and energy over financials. He added that staples are structurally much healthier than raw performance indicates.
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Evans said the Dow 10,000 milestone signifies the profitability and earnings improvement of U.S. companies.
“Now that we’re 60 percent off the low, you have to be more selective,” she cautioned.
“Stocks that that have run have been the lowest quality stocks—[so] we would advise investors to look at global large-cap high quality stocks that are going to benefit from the global growth.”
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No immediate information was available for Bensignor or Evans.