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Markets Will Rise—Because Economy Is Recovering: CIO
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CNBC.com Writer
Stocks seesawed on Tuesday after consumer confidence showed a drop in July to its lowest since February on job market worries. Jim Meyer, chief investment officer and co-founder at Tower Bridge Advisors, shared his market outlook.
“We were thinking double-dip recession and now we’re in some kind of euphoria,” Meyer told CNBC.
“After three straight days of 100 point [gains], I don’t know that we power forward from here without some pause, but I think the direction is higher because the economy is on a recovery path.” (Update: Dow Ekes Out a Gain, Led by DuPont)
Despite disappointing economic reports, Meyer said he expects the confidence levels and employment situation to improve going forward.
“We had some headwinds on jobs with BP [BP
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Meyer Likes:
D.R. Horton [DHI
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Best Buy [BBY
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Disclosures:
No immediate information was available for Meyer or his firm.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
