End of Safe-Buying Zone Near: BlackRock's Doll

The S&P 500 index is close to reaching the level where it is more risky to be accumulating stocks, Bob Doll, vice chairman and chief executive officer at BlackRock, told CNBC Thursday.

"We have said since late November, between 749 and 840, in that zone (in the S&P), is probably a reasonable place to accumulate equities," Doll said.

The S&P closed at 811.08 on Wednesday and that is at the "higher end of the safe-buying zone," he said.

But while the market is not out of the woods, there are signs of recovery coming, Doll added.

The two worst quarters of the recession (fourth quarter 2008 and first quarter 2009) are over and "guess what, eventually we'll have a positive quarter," he said.

Doll added he has no cash in his large-cap series and is holding technology, energy and some health-care for defense.