U.S. shares are still in a bull market, despite the volatility currently grabbing global attention, Alan Robinson, global portfolio manager at RBC Wealth Management, told CNBC.
"We are we think in the middle of a bull market expansion for stocks. Bull markets don't die of old age, they die of speculative excess and I'd argue that we are far away from that level at the moment," Robinson told CNBC's Squawk Box.
The wealth manager cited the S&P 500 index's close above 1,920 on Wednesday as a particularly positive sign because it put the benchmark U.S. index at a price-to-earnings (P/E) multiple of about 16 times the next 12 months' earnings, which are forecast to be about $120. The S&P ended Wednesday up 8.53 points, or 0.44 percent, at 1929.80 after a sharp intraday reversal from 1 percent-plus losses.
"It gives us some confidence that we can get a fairly significant expansion [of valuations] by year-end, either by an increase in the P/E multiple as confidence comes back into the market with this bottoming in the oil price," Robinson said.