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Nuveen Asset Management chief equity strategist and senior portfolio manager Bob Doll weighs in on whether investors should fear the effects of the dr...
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-- is wondering at this point will this latest chapter.
And the European debt crisis threatened the stock rally on the domestic front or.
Do you think the markets are gonna continue to climb to new highs so aspirin involved all new -- asset management chief equity strategist senior portfolio manager at the old.
Freddie got this great to CEO.
You're here and -- Fox Business exclusive even better to have Bob doll exclusively today -- About what you're saying in Cyprus -- and we -- at this 109 point sell off.
On the Dow now are back out we're -- 27 points when he sat.
Well I think -- we saw the effects in Europe they weren't so good even Asia got hit rather hard but the resilience of the US.
Look we can't keep having bad news in Europe and the US go up but.
The US economy remains pretty good it's safe haven the dollar has done better.
Relative to lots other things the US is a pretty good place to be including with the -- event.
You know if you look at -- looking at first we're looking at GDP out exhibit got a message -- problem unemployment problem.
And -- one point one million people on the small island rocking global markets.
But this bailout plan I think as where the -- kinda came from.
A lot of Russian money a lot of wealthy Russian investors have their money parked in Cyprus banks is that kind of what's got European investors nervous.
That running you know for the running towards Spain and Italian bonds or something else going on.
Well I think there's no question that down.
The size of the economy as was reported earlier doesn't doesn't matter a whole lot it's all about the connection to your in the Euro.
And as you know any time somebody says I've got a deposit and somebody says the minute take some away from you.
What that does a whole lot to scare people away and you wonder will -- be contagion effects of the Russian phenomenon without question -- -- -- Russian money there and not always this and his interest in way to take some -- -- away.
I'm not so sure that's a great plan in the long run.
I think that.
Hopefully this will will pass of course we don't have.
A final answer yet it's possible that they will lower the claw back for small investors since a lot of noise in the streets about.
I know even bullish on the US market -- spreads bring it back home now talk about the US markets -- -- some pretty decent economic news.
Out of here we've gotten retail sales it'll look pretty d.s is in the manufacturing data that we've gotten has been somewhat positive so -- overall you still US bull.
Yes Cheryl.
Relative to the rest of the world and absolutely.
Outlook -- The US economy is doing okay it's not great but is good enough it's not so good that we're gonna have the central banks around the world take their foot off the accelerator.
So that's a beautiful thing.
Growth is positive inflation that's low and central banks providing all -- liquidity pretty ideal world for equities to continue to grind higher.
I -- know I know that you are you still like the cyclicals the -- for a long time industrials technology so that's is that kind of -- 2013.
Strategy.
Yeah I would say that one of the surprises.
At least for me has been how well the defensive names have done in the uptake we've seen since the first of the year.
And the and the cyclicals have lagged somewhat I would be dues from rotating leaving the US in the global economy are going to be okay.
I think some industrial and technology names make some sense all right what do you avoiding right now.
-- utilities still make me nervous I think the fundamentals are mixed and the stocks are fairly expensive.
It was the place so many people went chasing yield.
And push the price of those stocks up by quite a bit so there's some telecommunications.
Flames broke cable most that plain -- electric utilities I think are fully valued.
You've got some specific stock picks and wanna get -- before like eco Bob and you like a few names here Medtronic I think -- instinct and -- seizure top.
-- buys -- Valero north Umpqua Robin.
If it's interesting Abbott Medtronic buys -- health care.
Yeah I think health care among the defensive groups is the most interest thing.
Health care stocks we -- have reasonable fundamentals and not expensive valuations.
Utilities being the other end of that defensive poll.
Medtronic three businesses are all growing.
We think get them stock is not expensive in Pfizer.
We like not only the cost cutting opportunities but the mix between what might come out of the pipeline and what's disappearing out the back in slowly improving.
Are several looking at -- did see it of course -- I got the fix is -- screen Bob -- great to see you Bob.
Thank you Bob doll -- asset.
