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S&P to End Year Above 1250—So Invest Here: Market Pro
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CNBC.com Writer
After a volatile January, stocks have been showing signs of a rally in the last few sessions. How will markets look for the rest of the year and how should investors position their portfolios? Uri Landesman, head of global growth at ING Investment Management, shared his market outlook.
“Short-term, I think we’re in a relatively narrow range of S&P 1,040 to 1,140,” Landesman told CNBC. “We'll probably rally for the next few days, but we're in a tight range.”
Landesman said he expects a broader range over the year, of between 1,000 and 1,300.
“We’re going to end the year in the 1,250 to 1,275 range,” he added.
Investors should avoid China as it could be difficult in the first half, advised Landesman.
“I’m still a long-term believer in the story but right now, I’d be on the sidelines,” he explained.
Instead, Landesman recommended looking into the large-cap names.
“We’re raising our allocation towards the larger capitalization names in the portfolio, and think the U.S. is going to be one of the best performing markets in the world this year, led by the high-quality super cap names,” he said.
Landesman Favors:
U.S. vs. Foreign Stocks
Technology
Consumer Staples
Industrials
HMOs and Pharma/Biotech Within Health Care
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Disclosures:
No immediate information was available for Landesman or his firm.
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