Despite concerns over Syria and the Federal Reserve weighing on the market, John Manley, chief equity strategist at Wells Fargo Funds Management, told “Nightly Business Report” he thinks people should still be buying stocks. So where would he put his money to work?
“I`d focus on technology … it`s great value. You`re seeing acquisitions there, I think tech is still adding value. I like health care and I also like the industrial side of the market,” he said.
Nervous investors are waiting to see if the U.S. will launch a military strike on Syria for its alleged use of chemical weapons. They are also watching to see if the Fed will start easing back its bond-buying stimulus program this month.
While Manley thinks the market may not do very much of anything “great or bad” over the next month or so, he thinks it is going to be a “great buying opportunity.”
“I still think fundamentals matter over the long run,” Manley said.
“Evaluation is good. The Fed is still going to be positive. I think people have to go somewhere at some point in time. I think that says take your time, pick your points and buy the stocks with the funds you want to buy.”
While his year-end target is about where the markets are now, or slightly higher, he’s projecting 4 or 5 percent growth for the next year or so and has a target of 2,000 on the S&P 500 by the end of 2014.