Bill Gross Says Stocks are Appropriately Valued
Stocks and high-yield corporate bonds are back to appropriate levels, the world's biggest bond fund manager said on Friday, a day after fears of spreading problems in the housing market triggered a rout in global stock and credit markets.
Speaking on CNBC Television, Bill Gross, chief investment officer for Pacific Investment Management Co., also said he does not believe an economic recession is looming.
Corporate earnings are holding up fine in a reasonably performing U.S. economy, Gross said, dismissing a notion that the turmoil in markets was signaling a sharp deceleration in the economy.
After he spoke, the government reported that the U.S. economy grew at a 3.4 percent annual pace in the second quarter, higher than Wall Street economists had predicted.
"There's nothing wrong with stocks at this point," Gross said. That said, he would be neither a buyer nor seller of stocks at the moment.
Speaking on CNBC Television, Bill Gross, chief investment officer for Pacific Investment Management Co., also said he does not believe an economic recession is looming.
Corporate earnings are holding up fine in a reasonably performing U.S. economy, Gross said, dismissing a notion that the turmoil in markets was signaling a sharp deceleration in the economy.
After he spoke, the government reported that the U.S. economy grew at a 3.4 percent annual pace in the second quarter, higher than Wall Street economists had predicted.
"There's nothing wrong with stocks at this point," Gross said. That said, he would be neither a buyer nor seller of stocks at the moment.
Labels: Bill Gross
posted by Stock Administrator @ 1:44 PM
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