Expect 2-3 Million New Jobs This Year: BlackRock's Doll
It’s a good time for investors to own stocks, said Robert Doll, chief equity strategist at BlackRock, based on the firm’s latest quarterly asset allocation report.
“We said that for the last quarter as well, and the beat goes on,” Doll told CNBC.
“[We see] decent earnings—we think there will be 300 to 500 basis points of growth better than expected, valuations are not extended, monetary policy is favorable, fiscal policy reasonably favorable and stocks are still pretty underowned in lots of places.”
However, Doll noted that stocks have seen a strong run-up of almost 20 percent since the 2010 lows, without much of a pullback.
“We’ll get one at some point,” he cautioned. “But tactically, stocks will move higher.”
On the employment front, Doll said he expects to see almost 2 to 3 million new jobs this year—double the amount from last year.
“It’s enough to get the unemployment rate down to 9 percent,” he said. “It’s still fewer jobs for the second full-year of a business recovery than normal, but nevertheless, it’s heading to the right direction.”
Scorecard—What He Said:
- Doll's Previous Appearance on CNBC (Jan. 3, 2011)
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CNBC Data Pages:
Monday's Dow Laggards (as of this writing):
Bank of America
No immediate information was available for Doll or his firm.