Bob Doll: For the first time in 8 years, it's time to broaden investments outside US

Closely followed strategist Bob Doll told CNBC on Monday that for the first time in eight years he's saying it's time to make investments beyond U.S. equities.

"If you're fortunate enough, lucky enough, smart enough ... do some dollar cost averaging outside the U.S.," the Nuveen Asset Management chief equity strategist said on "Squawk Box." "It's not instead of the U.S. It's in addition."

Doll's comment came as strong corporate earnings have kept the U.S. equity market at or near record levels despite weak economic data and sluggish consumer spending.

Stocks posted sharp rallies last week as earnings season continued to show strong performances from top companies.

U.S. equities closed lower on Friday, however, after the Commerce Department said gross domestic product increased at only a 0.7 percent annual rate in the first quarter, the weakest performance since the first quarter of 2014.

Growth in consumer spending braked to a 0.3 percent rate in the quarter. That was the slowest pace in nearly eight years and followed the fourth quarter's robust 3.5 percent growth rate.

U.S. stock futures pointed to a higher open on Monday after an agreement to avoid a federal government shutdown.

—Reuters contributed to this report.