A "good GPS indicator" for investors might be looking at stocks that have raised their dividends, said Peter Andersen, portfolio manager at Congress Asset Management Company.
Over the past week, companies such as IBM and Costco have raised their dividends.
“In this economy, I think investors are desperately looking for a road map,” Andersen told CNBC.
Raising a dividend "takes real cash and real fortitude in financial management,” he said. “If companies like those are doing well in this weak environment, could you imagine how well they’ll do when the environment recovers?”
Andersen specifically recommended ExxonMobil.
No immediate information was available for Peter Andersen or his firm.
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