Friday's nonfarm payroll gain of 215,000 jobs was largely in line with expectations, and some observers said it supports the cause for a September rate rise. But the possibility the Fed would wait longer and "prolong this pain" has put a scare into some investors, Kamen contended.
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Stocks fell Friday, though concerns about a prolonged commodities slide may have weighed on markets more than Fed policy. The Dow Jones industrial average was on track for its seventh straight day of decline, its longest losing streak since 2011.
Andrew Slimmon, a senior portfolio manager at Morgan Stanley Wealth Management, noted markets could benefit from the Fed moving earlier rather than later.
A rate hike would signal to investors that "the economy is strengthening," he said on "Power Lunch" Friday.
Still, some observers have maintained that underlying economic fundamentals would not yet support a rate hike.
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While it may not provide "real jet fuel" for a market boost, a rate increase would likely help financial stocks, Kamen added. He stressed that investors may still want to look across the Atlantic, where easy monetary policy from the European Central Bank could lift stocks.