Doll: We're Early in the Expansion

Blackrock Chief Equity Strategist Bob Doll says recent weak economic reports indicate the U.S. is in a slowdown, but he thinks it’s temporary, and that things will improve in the second half of the year. Doll tells WealthTrack’s Consuelo Mack that we’re in a cyclical bull market, and the early stages of the economic expansion. It would be very unusual to have already seen the highs in the equity market at this point, he says, adding that stocks appear cheap right now. He says he’d be overweight in equities. David Darst, chief investment strategist at Morgan Stanley Smith Barney, also sounds bullish. He says his firm expects GDP to be 3.6% in the third quarter and 4.3% for the fourth quarter, thanks in large part to increased exports. He says earnings are holding up well, investor sentiment isn’t euphoric, and interest rates remain low and should remain low through the rest of the year. Both Doll and Darst also talk about which areas of the market they’re highest on right now.