Markets rallied for a fifth straight session on Wednesday. What should investors expect from stocks going forward? Scott Wren, senior equity strategist at Wells Fargo Advisors shared his market outlook.
“The earnings data has been good, but it’s been very good versus expectations since the second quarter of last year,” Wren told CNBC. “So this is further confirmation that the markets continue to grind higher.”
Wren expects markets to rally further as more retail inventors start to participate.
However, he sees a “continued overhang in the housing market.”
“We have a lot of foreclosures that are coming on the board from 2011 so that’s something you have to take into consideration,” he warned.
- Watch Wren's Previous Appearance on CNBC (Mar. 31, 2010)
More Market Intelligence:
- Expect a 'Jobless Recovery' Going Forward: Market Pro
- Markets to Trend Upward in Next 2-3 Months: Strategist
CNBC Data Pages:
Cramer's 12 Stocks to Play the Recovery
Wednesday's Top Dow Gainers:
Bank of America
No immediate information was available for Wren or his firm.