We are at the beginning of a slow and uneven recovery but we will see the S&P 500 reach 1,000 by year-end, said Bob Doll, vice chairman of BlackRock. (See below for his stock recommendations.)
“There’s a ton of money on the sidelines, people not believing this rally, still wanting to find lower prices to do some investing, and so some of that money will be sucked in before this is over,” Doll told CNBC.
“[We are] not abandoning our target of 1,000 sometime before the end of the year,” he said.
(Watch the video for the full interview with Doll.)
Doll said he recommends health care names, specifically the health maintenance organizations (HMO) sector.
“[We are] letting some cyclicals go, selling some financials and buying some more defense—some of the health care names for example.”
United Health Care
No immediate information was available for Doll or his firm.
Other Top HMOs: