Investors are playing the markets carefully during these volatile conditions but stocks will resume their way up once the wave of international bad news subsides, Robert Doll, BlackRock vice chairman, told CNBC Wednesday.
Data regarding consumer confidence, earnings and private sector wages are better in the US "but you've got the headlines," Doll said.
"Certainly with hindsight selling in May was a good idea," he said. "These are trickier times, I think a more chicken-like, gingerly approach makes sense."
BP shares plunged Tuesday, dragging markets with them, as there was no sign the company can contain the oil gushing from a well that ruptured in April, while Israel's attack on a convoy of ships trying to force the blockade on Gaza sparked fears of heightened tensions in the Middle East.