U.S. Stocks Will Likely Struggle Till Second Half Says Ameriprise Strategist

The strong dollar and bad weather hurt stocks in the first quarter of 2015 likely pushing the market’s gains to the second half of the year, said David Joy, Chief Market Strategist at Ameriprise Financial. Joy added that he expects S&P 500 earnings to suffer by as much as 4% in the first quarter due to the strong dollar with steeper losses in the energy sector. He said European and Japanese stocks will offer better returns this year due to the currency differential. Joy does not suggest stepping into energy stocks yet, saying the sector could still face difficulties. Finally, Joy said financial stocks are still facing headwinds, but will gain some momentum once the Federal Reserve raises rates.

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