Stocks pulled back on Tuesday, after rallying to a 10-week high in the previous session. What is driving the big market movements? Liz Ann Sonders, chief investment strategist at Charles Schwab, discussed her insights.
“The market is still a bit schizophrenic," Sonders told CNBC. "On any day—whether it’s up or down 200 points—you can fairly easily find an economic or an earnings number that came out that day that supports the move that the market had made."
Sonders said that while the latest round of economic reports have not been “fantastic,” they have been sufficient enough to temporarily set the double-dip concerns aside.
However, Sonders said uncertainty still remains amidst chief executives and businesses.
“In the last year, the optimism percentage has improved dramatically and in turn, the number of CEOs expressing pessimism about the next 12 months have dropped as precipitously as we have seen an increase in optimism,” she noted.
“The problem is, those that say that they are uncertain have not really moved over the past year.”
“That can move the needle significantly in terms of hiring and I think that’s the biggest problem in the system right now,” Sonders said.
Scorecard—What She Said:
- Sonders' Previous Appearance on CNBC (Jul. 28, 2010)
Market Views—Across the Board:
CNBC Data Pages:
Major Earnings Coming Up:
No immediate information was available for Sonders or her firm.