The overall market is in great shape and stocks should continue rising, said Neil Hennessy, portfolio manager and CIO of Hennessy Funds.
“I still see another 6 percent on the upside this year and we’ll close around 13,000 [on the Dow],” Hennessy told CNBC.
Hennessy said his favorite sector is the low-end retailers. (Scroll down for his full stock picks.)
“That’s where you’re seeing M&A activity,” he explained.
Scorecard—What He Said:
- Hennessy's Previous Appearance on CNBC (Dec. 29, 2010)
CNBC Data Pages:
Hennessy owns shares of FDO, DLTR and TSCO via ownership of his mutual funds.