Stocks advanced Wednesday after Spain promised to take wide austerity measures. Is the market crisis over? Alan Valdes, vice president of Kabrik Trading and Peter Costa, president of Empire Executions and CNBC market analyst shared their insights.
“I’m more bullish on the economy, not so much the markets,” Costa told CNBC. “A lot of events outside the U.S. can put a damper on that as we saw last week."
"But I still think in the U.S., we’re starting to see a pick up in a lot of things—especially hiring—and to me, that was always the key.”
Costa said he continues to like the health care sector as a long-term play.
In the meantime, Valdes said he expects market volatility to continue.
“Eight of the last 10 trading days, we’ve seen triple-point moves, and we think we’re going to see that for the rest of the year, but we won’t see what happened last Thursday,” he explained.
Valdes said he favors the consumerdiscretionary stocks.
“If you think the economy and unemployment’s doing better, you go with consumer stocks,” he said.
- Watch Costa's Previous Appearance on CNBC (May. 10, 2010)
- Watch Valdes' Previous Appearance on CNBC (May. 10, 2010)
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No immediate information was available for Costa or Valdes.