Nevertheless, we continue to have a modest pro-growth investment view. Over the near-term, additional market turbulence is likely, particularly since equity prices have risen so far, so quickly. The prospects for an additional Fed rate hike this summer could unnerve investors. We expect more economic and earnings clarity later in the year, which should allow for greater stability in the markets.
1 Source: Morningstar Direct, as of 4/15/16
2 Source: Federal Reserve
3 Source: Commerce Department
4 Source: Citi Research
5 Source: Goldman Sachs
Bob Doll is chief equity strategist at Nuveen Asset Management.