Stocks fell on Wednesday, despite positive economic data and some good earnings news, as investor worry about the recovery dragged on the market. Ted Parrish, co-portfolio manager at Henssler Equity Fund, told investors what to expect from this point.
“All the data’s been pretty positive—not without negative data—but mostly positive, and that’s a good thing,” Parrish told CNBC.
“The most glaring positive is earnings season: the revenue numbers have finally started to come in ahead of estimates and that’s a good thing.”
Parrish said the economy will be on its way to a sustainable recovery if we see some improvement in employment numbers.
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“Companies laid off a little too much—about 6 percent of their payrolls,” he said.
“And given the decline in GDP, that number should be at about 3.5 percent. So clearly, they laid off a little too much too fast. Once we see some turnaround in the economy, some companies are going to have to hire and that’s where we going to see some surprises really soon.”
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No immediate information was available for Parrish or his firm.