Stocks climbed Wednesday after positive news on private sector jobs added to better-than-expected manufacturing data from China. Mario Gabelli, chairman, chief executive and chief investment officer of Gamco Investors, shared his market outlook and his best investment advice.
“We as a country export $1.2 trillion dollars, but import $1.8 trillion—and out of that amount, $300 billion goes out for oil,” Gabelli told CNBC.
“We can’t do that—we’ve got to go back and figure out a way to become energy efficient, cut down on our balance of payments.”
Gabelli favors Baldor Electric and said he’s been buying shares of the firm for the last three years.
“They have a motor that is fuel-efficient and one of our themes is [ideas that] help America," he explained. "We have to help cut down energy consumption.”
Scorecard—What He Said:
- Gabelli's Previous Appearance on CNBC (Sept. 9, 2010)
More Market Views:
- S&P to Hit 1250 Before 'Big Decline': Pro
- Energy and Utilities—What Stock Pickers Are Buying Now
- Be Wary of Special Dividends: S&P Risk Manager
CNBC Data Pages:
Wednesday's Dow Gainers (as of mid-morning):
No immediate information was available for Gabelli or his firm.