Sam Stovall, chief investment strategist at Standard & Poor’s, shared his market insights.
“The consumer is still nervous—we’re 10 points below the bottom in consumer confidence that we saw in the last bear market,” Stovall told CNBC.
“So even though we’ve doubled from March of this year, consumers are still nervous. But they’re also very much a lagging indicator, pointing to bottoms usually three months after the fact.”
Among other economic data from today, Stovall said the positive S&P Case-Shiller numbers imply that the housing market may be coming up from the “deep depths.”
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Additionally, Stovall said there may be more merger and acquisition activity in the near term.
“The money on the sidelines might end up going to continue to fuel M&A activity if these companies believe the economy is going to be recovering into 2010," he said. "They want to leverage these low inventory levels...to get a better position.”
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Bank of America