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Wren: Buy Stocks Now

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  • Description

    Wells Fargo Advisors Scott Wren explains why it’s a good time to get into the markets.

  • Duration 4:12
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They're called well despite economic concerns -- return to volatility our next guest says that investors should be -- it for the long haul you gotta be buying stocks right now Scott.

Wells Fargo joins us Scott why would we buy now when we feel like stocks are going down every day.

Well data showed had a pretty good pullback and we were hoping we would see a pullback because a lot of our clients and you know retail clients paid -- bills here Wells Fargo advisors.

A lot of our clients have missed much of this rally so we wanted to see a pullback.

-- we thought we'd see something maybe down to this 128013.

Hundred level on the S&P 500.

I think the economic fundamentals are good we still feel good about our earnings estimate which is a 103 for the S&P 500 and we still feel good about that 1411450.

Year end target for the S&P 500 so we want our clients -- -- -- looking for opportunities.

1411450.

By year -- this year you see the acetate.

That's right you know -- Dennis think about it early April we were right about the middle of that range -- fallen off 11% herself pretty quick.

And I think over the course of the rest of the year as we see energy prices help things out as we see.

The the economy not stumble out quite as much as it did the first quarter but you know two and a half percent type growth rate I think we're gonna see employment.

Despite last week's report.

I continue to slowly improved I think confidence is going to be better from a business and -- consumer standpoint so when you add all those things together I think there's a pretty good shot.

Especially with the valuations being -- like they are now I think there's a pretty good shot at at ending in that range of.

That was a great shot -- some hope and -- all too rare to hear that these days.

But my god -- -- appear around twelve -- right now -- it to be 1411450.

By year end next seven months from now that a bias now you say despite the bad.

But job numbers on Friday you think that we're gonna see employment rising business confidence and consumer -- -- rising through the rest of this year how so -- is gonna come from.

Well I do and I I think part of it is driven by what we're gonna see these lower energy prices another thing I think we're going to see is you know clearly.

Europe right now is it is a huge concern both both what's going on with these great collections on the seventeenth.

And then what's going on with Spain and recapitalize their banks and all those types of things.

And I think there's a good probability.

That these elections and in Greece.

Allow a coalition government to be formed that -- going to go along with these austerity agreements and that will be kicked down the road that'll be a band -- on that situation as far as the Spain situation.

You know two days a lot of G-8 leaders are having -- meeting about that we're we're they've had lots of meetings here recently you know there's a lot going on behind the scenes.

I think we're going to see some type of plan.

That is going to put a band -- on the Spain situation and probably kick that can down the road but I'm sorry -- got those those types of things are going to be mandated OK can -- -- -- the -- lack of fear could be a great thing let's run through some stocks are you like cyclical that would that's -- what cat.

3M and Exxon are -- for your favorites.

No those were those were not those were not our favored status I'm not sure I'm not sure where you got those exactly but were were what we're trying to do is let's say the consumer discretionary sector.

The materials sector which -- just been hammered here and you point -- out a couple of stocks there that should.

That should benefit but -- diversified metals and mining those stocks these stocks have really been killed as worries over China slowing down which I don't think they're gonna slowdown much from here.

I and the rest of the emerging world and -- and there's certainly Europe's going to be and some sort of -- recession I think a moderate oneself.

Some of those stocks that you just mentioned have been really hit in this pullback here and I think industrials.

The valuations now after this pullback you know you're gonna find some attractive opportunities there.

This global economic recovery is going to continue at a modest pace we're gonna keep growing here in the states at a modest pace -- if you did anything over a nine month outlook you need to be in your picking up some stocks -- Scott branch of Wells Fargo -- that a great contrarian positive call thank you sir.

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