Stocks rose to a 19-month high last Friday and the Dow pulled off an eighth straight week of gains. Is there a correction on the horizon—and where should investors be putting their money? Bob Doll, vice chairman and chief equity strategist at BlackRock, shared his insights.
“At any point, we can get a stall, a sidewise consolidation; the market is due for that sort of thing,” Doll told CNBC.
“But beyond that, as long as the numbers keep coming in as they have been—two steps forward and one step back for GDP, the earnings numbers strong, the revenue numbers improving versus consensus—the longer-term pattern will continue to be up.”
Doll said energy, materials and industrial commodities are “clearly” themes that should be played by investors. He recommended Freeport McMoRan Copper & Gold .
Meanwhile, Doll said he is worried over problems in Greece, China and Washington D.C., but the fundamental economic developments “continue to overshadow those concerns.”
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No immediate information was available for Doll or his firm.