Stocks have seen some further downside over the course of the afternoon trading on Friday, with the major averages moving more firmly into negative territory after showing a notable decline in early trading. Some of the weakness comes as investors cash in on the recent rally.
In an interview with RTT News, Chuck Lieberman, chief investment officer for Advisors Capital Management, explained why he remains bullish despite the market's weakness. I think the bear market is really over, Lieberman said. The underlying trend now is firmly up.
Lieberman said he is using pullbacks as buying opportunities, calling the market very attractive and stocks very cheap. We think that stock prices will be considerably higher six months or a year out, he added.
Meanwhile, President Obama's meeting with the CEOs of some of the nation's largest banks has come to a close. According to the CEOs, the meeting was all business as Obama looked to gain a better understanding of how the financial sector is performing.
In recent trading, the major averages have moved well off their new lows for the session, although they continue to post notable losses. The Dow is currently down 133.81 at 7,790.75, the Nasdaq is down 30.89 at 1,556.11 and the S&P 500 is down 12.97 at 819.89.
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