New York (CNN Business)After a scary October, the stock market could have a winning November.
Expect stocks to get back on track following this month’s pullback, Brian Belski, chief investment strategist for BMO Capital Markets, said Wednesday on CNN’s “Markets Now” live show.
Belski described the dip as “very normal and very healthy.”
“We never like to see people lose money, but we needed to take some complacency out of the market,” he said.
This stock market had an extremely volatile month. Big Tech stocks plunged as earnings growth slowed, interest rates rose and the threat of a longer China trade war intensified. The S&P 500 fell 8% this month.
But concerns that corporate earnings would falter were overblown, according to Belski.
“Everyone was nervous about earnings for no good reason,” he said.
“We think this is a bull market correction within a very large secular longer-term bull market,” Belski said.
Now is the time to put money into American stocks, he continued. After the credit crisis, investors risk playing too much defense, he said.
“American companies are the strongest of the world, with the most consistent earnings growth,” Belski said. “You need to be a buyer of American stocks, and we’re here to stay.”
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