July marked the best month for the Dow and the S&P 500 in a year. But will that momentum continue through the rest of the summer? Robert Doll, vice chairman and chief equity strategist at BlackRock, discussed his market outlooks.
“[August] is more likely to be up than down,” Doll told CNBC.
“People have been pleasantly surprised by how good earnings have come through, despite the weak-ish economy."
"So we have a U-shaped lazy economic recovery, but more of a V-shaped profits recovery.”
Doll added that valuations are “really cheap.”
And going forward, he expects to see more jobs created—“not enough to bring the unemployment numbers down”—but enough to create more income.
Scorecard—What He Said:
- Doll's Previous Appearance on CNBC (July 19, 2010)
Market Views—Across the Board:
- Debt Spotlight Turns from Europe to US
- Art Hogan: No Double-Dip—So Invest Here
- Equity Markets Are Still Looking Cheap: Chief Investor
CNBC Data Pages:
Major Earnings Coming Up:
Procter & Gamble
No immediate information was available for Doll or his firm.