Stocks fell sharply on Friday as world markets were shaken over China's recent decision to tighten capital requirements for banks. Where are markets headed from this point? Bill Spiropoulos, chief executive of CoreStates Capital Advisors, shared his insights.
“We’re in the midst of a correction that we’ve been looking for since the middle of December,” Spiropoulos told CNBC.
“Markets don’t go straight up—we’ve had a great run and I think this is probably the first 10 percent along the way.”
Spiropoulos expects the Dow to break through 10,000 and revisit the 9,800 level.
“And that should about do it—unless you see anything dumb out of Washington,” he said.
But Spiropoulos does not see the risk of a double dip in the markets.
“There’s enough powerful progress and stimulus that’s going to see a good spring in America,” said Spiropoulos. “There’s a lot of uncertainty with health care and budgets that make people hesitate—and that’s a bad thing.”
Once the issues get resolved, Spiropoulos said, the markets will see positive momentum and encouraging numbers in the economy.
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No immediate information was available for Spiropoulos or his firm.