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Closely followed strategist Jim Paulsen told CNBC on Thursday that investors should stick with stocks because the economy is in a "sweet spot."
"We're in a really good sweet spot of being able to generate broad-based economic growth without creating any inflation or interest rate pressures," the chief investment strategist at the Leuthold Group said on "Squawk Box. "
"I just think we've got so much really good economic momentum, not only here in the United States but around the globe," Paulsen added.
Paulsen said until the economic momentum sets off signs of overheating, such as higher inflation or higher interest rates, he doesn't see how the stock market won't continue to trend higher.
"This recovery is probably broader than it's ever been as far as participation. It's reached Main Street in America with full employment ... but it's already reached every corner of the globe."
Stocks opened higher Thursday, the last day of trading in August, as investors digested a slew of economic data. The major U.S. stock averages also had a chance to end August in positive territory.
Paulsen warned that investors could witness a pullback on geopolitical events or seasonal calendar events. "But I think the trend is still up because of the underlying economic momentum," he said.
"Every recovery in postwar history has ended with some semblance of overheat and I think this one will too," he added.
— CNBC's Peter Schacknow contributed to this report.