The worst of stock selling may be behind us: Bob Doll

Investors are still in the midst of a "muddle-through" economy, but the worst of the stock market disruptions may be over for now, Nuveen Asset Management's Bob Doll said Monday.

"I think the selling looks like for the moment it's exhausting. Wednesday was a nice rally. Friday was a nice rally. Many technicians say it's the first successful test of the August problem," Nuveen's chief equity strategist told CNBC's "Squawk Box," referring to August's equity market sell-off.

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Investors should not expect the market to go straight up, but "maybe the worst is behind us," he said.

The Dow Jones industrial average, S&P 500, and Nasdaq all ended last week positive after surging into the close on Friday. The Dow turned in its biggest reversal in four years, swinging 459 points.

Doll said markets had recently hit a secondary low after August's primary low. He warned that markets may yet need to touch a third low before they can head higher.

Earlier on "Squawk Box," Hilltop Securities managing director Mark Grant said Friday's rally was not due to any technical evidence of a bottom, but to the market perception that the Fed would step in to save investors following a disappointing monthly jobs report.

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The economy is currently mid-cycle, and investors should expect good news and bad news to compete for their attention, Chris Hyzy, chief investment officer for Bank of America's global wealth and investment management business said Monday.

He told "Squawk Box" the market is "in limbo," with positive U.S. consumer data being offset by crises in emerging markets, from which investors have withdrawn money in 12 of the last 13 months.

While sentiment is at a multiyear low, investors should bear in mind that the U.S. economy is on track to grow 2 percent this year, and perhaps as much as 3 percent in 2016, Hyzy said.

"It's going to be very hard for the emerging market growth slump, and it's a big dent, to be exported to us to take us back into the same type of slump," he said.

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