Stocks opened higher Monday, rebounding off of last week's market selloff—then pulled back. Will a rally form and hold? Robert Doll, vice chairman and chief equity strategist at BlackRock, discussed his market outlook.
“After initial thrust off a recession low, you typically get a growth slowdown,” Doll told CNBC.
“And the debate that the market is facing right now is: Is this the typical growth slowdown or is the double-dip going to show up?”
Doll said although most of economic data are coming out on the softer side, he doesn’t see a double-dip in the near future.
“We’re recovering, but it’s a slow one,” he said. “We’ve been in this 1,020 to 1,220 S&P 500 range for more than 9 months and I think we’re going to stay in there until we answer the question of a growth slowdown or a double-dip.”
Meanwhile, Doll told investors to focus on the earnings results in the near-term.
"It’s going to be tough to have a beat we had in the first quarter, but if we can beat in the bottom and topline, I think we’ve got a shot at a trading rally for the summer," he said.
Scorecard—What He Said:
- Doll's Previous Appearance on CNBC (Jul. 14, 2010)
Market Views—Across the Board:
- Kaminsky: Why America's Favorite Growth Stock is Stuck
- 10 Large Caps with Highest Dividend Yields
CNBC Data Pages:
Major Earnings This Week:
Johnson & Johnson
No immediate information was available for Doll or his firm.