Stocks traded lower on Tuesday ahead of the Federal Reserve's statement on monetary policy. Mario Gabelli, chief investment officer at Gamco Investors, shared his market insights.
“In the last six weeks, we’ve overcome a large amount of wall of worry," Gabelli told CNBC, including "the concern over Google" and financial reform.
He noted that "Goldman Sachs has done better since the financial regulation is out of the way.”
“But I think the market is going to start looking towards the election—jobs and deficit are important dynamics.”
Gabelli said he expects to see a lull in the markets around the first half of 2011.
“But as we get towards the end of the year  after the election and as we start looking into 2012, you’re going to start seeing some renewed confidence in a lot of sectors,” he said. “If the swing and the makeup of the House and the Senate can change, that is going to be an important confidence bolster for corporate America.”
Watch Part 2 of the Interview Here.
Gabelli’s Stock Picks Include:
Scorecard—What He Said:
- Gabelli's Previous Appearance on CNBC (Jun. 30, 2010)
Market Views: Bull, Bear, Other:
CNBC Data Pages:
No immediate information was available for Gabelli or his firm.