BlackRock’s Chief Equity Strategist, Bob Doll, believes that the bull market that has been in force since 2009 has yet to hit its highs.Although markets have been troubled in recent weeks, we do not believe investors should confuse the current situation with an ending to the bull market that has been in force since early 2009. Historically, sustained declines in equity prices tend to be associated with either economic downturns or earnings recessions, neither of which appears to be in the cards.
Doll elaborates on the issues and risks still involved in Europe, but feels that outside of those potential downside risks that the US economy should remain on a slow growth trajectory.
Overall consumer and business sentiment have been improving as well and we have even been seeing some signs of life in the housing market. Additionally, exports have remained resilient for some time now and continue to represent an important source of strength.
Along with his expectancy of the economic outlook of the US remaining solid, Doll likes individual US companies as well. Corporate earnings have been a bright spot due to low interest rates and improvements in productivity.
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