Closely watched equity strategist Bob Doll said Friday he expects the investment outlook to improve in the second half of 2015 on the back of consumer confidence and better earnings.
"I think the economy is picking up from where it was and we have a good shot at, during the third quarter, releasing 3 percent GDP for the second quarter, and that should lead to some good earnings surprises on the upside," the Nuveen Asset Management chief equity strategist told CNBC's "Squawk on the Street."
Doll said his forecast is based in part on improvement in the consumer's condition over the last six weeks, as evidenced by better jobs numbers, retail sales data and housing figures. That consumer strength, he said, should create the necessary condition for a "decent" second half for stocks: improved corporate earnings.
"The employment cost index has begun to move up a bit. I think we'll get some more, enough to give the consumer a little more confidence, a few more dollars to spend, and at least initially not enough to create pressure on corporate margins," he said. "So we could have a good period here."