Stocks were lower Friday after news that the jobs picture remained weak despite a report that the services sector continued to grow in November. Nicholas Colas, chief market strategist at ConvergEx shared his market outlook.
“This employment report is not much of a surprise,” Colas told CNBC.
“This is a very slow, sluggish but hopefully a somewhat steady recovery.”
Colas said sovereign debt issues make equities more attractive over bonds and favors techs and financials.
In addition, Colas said consumer confidence and spending will be a key market driver in 2011.
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Scorecard—What He Said:
- Colas' Previous Appearance on CNBC (Nov. 22, 2010)
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More Market Views—Read and Decide:
- Predictions for 2011: Herb Greenberg on Stocks
- It's Time to 'Buy Domestic': Chief Investor
- Dow Could Trade Above 12,000: Schwab's Sonders
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CNBC Slideshows:
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CNBC Data Pages:
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Friday's Top Dow Laggards (as of this writing):
JPMorgan Chase
American Express
Cisco Systems
AT&T
Bank of America
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Disclosures:
No immediate information was available for Colas or his firm.
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