Stocks seesawed on Tuesday after consumer confidence showed a drop in July to its lowest since February on job market worries. Jim Meyer, chief investment officer and co-founder at Tower Bridge Advisors, shared his market outlook.
“We were thinking double-dip recession and now we’re in some kind of euphoria,” Meyer told CNBC.
“After three straight days of 100 point [gains], I don’t know that we power forward from here without some pause, but I think the direction is higher because the economy is on a recovery path.” (Update: Dow Ekes Out a Gain, Led by DuPont)
Despite disappointing economic reports, Meyer said he expects the confidence levels and employment situation to improve going forward.
“We had some headwinds on jobs with BP . And the pause we’ve had after the housing tax credit also took out some jobs,” he said. “But as those industries settle down and turn around—instead of adding 100,000 jobs a month, we’ll add 200,000.”
Scorecard—What He Said:
- Meyer's Previous Appearance on CNBC (Jul. 12, 2010)
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No immediate information was available for Meyer or his firm.