Tom Lee told CNBC on Wednesday he sees conditions in the market that could help spark a rally in stocks, as long as the U.S. economic recovery from the coronavirus pandemic persists.
Lee's comments on "Closing Bell" came shortly after a wild session on Wall Street in which the major equity indexes finished well off their intraday lows. The S&P 500 closed down 0.3%, while the Dow Jones Industrial Average lost 164.62 points, or 0.5%. The blue-chip index had, at one point, been down 586 points.
The tech-heavy Nasdaq overcame an intraday decline of 1.7% to finish basically flat Wednesday.
Lee, co-founder and head of research at Fundstrat Global Advisors, said a key reason he sees upside potential for stocks is the amount of money that could be deployed.