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Consumers Will Drive Markets in 2011: Strategist

Stocks were lower Friday after news that the jobs picture remained weak despite a report that the services sector continued to grow in November. Nicholas Colas, chief market strategist at ConvergEx shared his market outlook.

“This employment report is not much of a surprise,” Colas told CNBC.

“This is a very slow, sluggish but hopefully a somewhat steady recovery.”

Colas said sovereign debt issues make equities more attractive over bonds and favors techs and financials.

In addition, Colas said consumer confidence and spending will be a key market driver in 2011.

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Scorecard—What He Said:

  • Colas' Previous Appearance on CNBC (Nov. 22, 2010)

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More Market Views—Read and Decide:

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CNBC Slideshows:

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CNBC Data Pages:

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Friday's Top Dow Laggards (as of this writing):

JPMorgan Chase

American Express

Cisco Systems

AT&T

Bank of America

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Disclosures:

No immediate information was available for Colas or his firm.

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Disclaimer