Markets zigzagged on Tuesday as investors juggled a fall in consumer confidence against some positive earnings and housing reports. Erik Ristuben, CIO of Russell Investments, and Joe Ransom, lead portfolio manager at RidgeWorth Select Large Cap Growth Fund, shared their market outlooks.
“[Markets] are going to be choppy, but probably all things being where they stand right now, it’s probably going to close higher at the end of the year than we’re seeing right now,” Ristuben told CNBC.
Ristuben said there is a “good environment” for profitability and expects corporate profits to be up in the third and fourth quarters.
“You’re beginning to see that profitability come through in corporate profits,” he said. “You’ve got a steep yield curve, high productivity and a weakening dollar.”
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Similarly, Ransom also expects markets to climb.
“It may be a little bit bumpy, but nevertheless will go higher between now and year-end,” he said.
“We’re very glad to see the consolidation we’ve seen in the last couple of days. Those people who were not in—it may provide them an opportunity to move into the marketplace.”
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Ransom also said the housing market will continue to be under some pressure for another year or two.
“We would like to see the housing market stabilize based on real economic transactions,” he said. “What we’re seeing right now are depressed sales, distressed sales, and we don’t think that truly indicates the fundamentals of the housing markets.”
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No immediate information was available for Ransom or Ristuben.