×

Economy Will Need Time To Recover: BlackRock's Doll

BlackRock is out with its third quarter allocation report, and Robert Doll, BlackRock vice chairman, along with Curtis Arledge, BlackRock cio of fixed income, fundamental portfolios, gave their outlook on the economy and the markets.

"Every economy once a recovery begins has an initial trajectory and then it slows down," Doll told CNBC Wednesday. "The US economy is still trying to heal from 2008, 2009. It will be the slowest recovery on record. We levered up, we have to de-lever."

As for stocks, Doll said the stock market will keep heading up over time— but slowly.

"The market will grind higher, if we don't double dip and good earnings like Intel keep coming through," Doll went on to say. "The preponderance will be pointing to slow but notable recovery in the US and Europe. There is some money on the sidelines that could eventually buy stocks."

For his part, Arledge agreed that it will take time for any kind of conomic recovery.

"We had 30 years were debt expansion drove the US economy. So with 30 years of debt expansion. it can 't turn around in 3 years," Arledge said. "I see it will take a while for the economies to adjust, five years at least."

Scorecard—What They've Said:

  • Bob Doll on CNBC-The Econ Trade (June 21. 2010)
  • Curtis Arldege on CNBC-Flight To Quality (June 24, 2010)

Another Market View:

CNBC Data Pages:


Disclosures:

Disclosure information was not available for Doll, or Arledge.

Disclaimer