Nuveen Asset Management’s Bob Doll thinks the market’s next big move will be higher, but says it won’t happen until earnings and revenue growth pick up. “If global growths improves, the U.S. will participate, (but) we won’t lead the way,” Doll tells Yahoo! Finance’s Breakout, saying that he expects improvement in U.S. earnings and data, though not right away. He says that manufacturing data has been picking up both in the U.S. and abroad, however, making industrial stocks attractive. “They’re all ticking up, not just in the U.S., but around the world,” Doll says, referring to global purchasing manager surveys. He thinks that in the short run the “global growth trade is catching fire in other places that have been so depressed,” but he thinks “you have to have some money in the U.S.” as well. Doll says to keep an eye on the housing market, though. “In a fragile economy like we have, you cannot have a 100 basis point move up in interest rates in six or eight weeks and expect nothing to be touched,” he says, though he adds that he doesn’t think the rate increases have yet been enough to derail the economy.
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