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How to Invest with a 1,250 S&P: BlackRock's Doll

Stocks opened flat to slightly lower on Wednesday as concerns mounted over the global economy and the US dollar continued to assert itself as a popular safety play. Robert Doll, vice chairman and global CIO of equities at BlackRock shared his market outlook.

“We still think that the cyclical bull market has further to go, but in the near-term, we’re just concerned that the market’s gotten stuck,” Doll told CNBC. “[In the] last couple months, it’s gone nowhere—the volume’s declined, the leadership, which has been financials on this rally from March has underperformed and the average stock’s underperforming.”

Doll said investors should rebalance their portfolios and suggested selling industrial, metal and energy stockswhile buyinghealth care and the retailers.

“We identify a 1,250 on the S&P 500—I think we’ll see that, but we have to go through this period of caution,” he said. “I think we’ll see higher highs sometime next year. For now, I see the rates staying, but the curve slowly but surely moves up if the economy continues to move up—which I think it will.”

  • Watch Doll's Previous Appearance on CNBC (Nov. 30, 2009)

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Top Retailers:

Wal-Mart

Costco

Target

Amazon.com

Best Buy

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Disclosures:

No immediate information was available for Doll or his firm.

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