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Top strategist calls market bottom

Chief investment strategist at BMO Capital Markets, Brian Belski, explains why there's no fundamental reason for the market's scary October performance.

Posted: Nov 1, 2018 11:04 AM
Updated: Nov 1, 2018 11:26 AM

After a scary October, the stock market could have a winning November.

The Dow rose 241 points Wednesday, or 1%. The Nasdaq jumped 2%, while the S&P 500 climbed 1%. The solid trading session follows a strong Tuesday in which the Dow soared 432 points.

The Nasdaq's gains Wednesday trimmed its monthly decline to 9.2% — still the index's worst month since November 2008. The S&P 500 ended the month down 6.8%, its steepest decline since September 2011.

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.

But concerns that corporate earnings would falter were overblown, according to Belski.

"Everyone was nervous about earnings for no good reason," he said.

Weak results from industrial companies such as 3M (MMM) and Caterpillar (CAT) did push down markets last week, but the index raced back by day's end.

"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."

"Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by CNNMoney's business correspondents, the 15-minute program features incisive commentary from experts.

You can watch "Markets Now" at CNNMoney.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 501097

Reported Deaths: 9990
CountyCasesDeaths
Harrison34338538
DeSoto32117403
Hinds31939628
Jackson24494382
Rankin21995390
Lee15543235
Madison14581280
Jones13851242
Forrest13453251
Lauderdale11991317
Lowndes11050188
Lamar10521135
Pearl River9533237
Lafayette8550140
Hancock7732127
Washington7438158
Oktibbeha7146131
Monroe6777177
Warren6694176
Pontotoc6664102
Neshoba6637206
Panola6531131
Marshall6467134
Bolivar6317148
Union602894
Pike5820152
Alcorn5669101
Lincoln5436135
George496879
Scott472898
Tippah469281
Prentiss467281
Leflore4658144
Itawamba4636105
Tate4588111
Adams4587119
Copiah448592
Simpson4446116
Yazoo444187
Wayne439772
Covington428894
Sunflower4239105
Marion4226108
Coahoma4160105
Leake408288
Newton381779
Grenada3707108
Stone360364
Tishomingo359792
Attala331589
Jasper329965
Winston314291
Clay308076
Chickasaw300367
Clarke292494
Calhoun279446
Holmes267987
Smith264050
Yalobusha234047
Tallahatchie228051
Greene219348
Walthall218763
Lawrence212940
Perry205556
Amite205156
Webster202946
Noxubee186740
Montgomery179656
Jefferson Davis171743
Carroll169138
Tunica159839
Benton148838
Kemper141941
Choctaw133426
Claiborne132737
Humphreys129538
Franklin120228
Quitman106428
Wilkinson105139
Jefferson94534
Sharkey64120
Issaquena1937
Unassigned00

Alabama Coronavirus Cases

Cases: 819597

Reported Deaths: 15406
CountyCasesDeaths
Jefferson1147901924
Mobile725791338
Madison52306697
Shelby37597350
Baldwin37245552
Tuscaloosa35101612
Montgomery34106740
Lee23526246
Calhoun22225488
Morgan20941378
Etowah19825500
Marshall18361304
Houston17384412
St. Clair16054339
Cullman15443293
Limestone15343199
Elmore15241286
Lauderdale14302295
Talladega13836283
DeKalb12649261
Walker11202370
Blount10192176
Autauga10043148
Jackson9871184
Coffee9210191
Dale8897185
Colbert8860201
Tallapoosa7084198
Escambia6772134
Covington6712183
Chilton6641162
Russell636659
Franklin5959105
Chambers5607142
Marion5005127
Dallas4973200
Pike4795106
Clarke475584
Geneva4571127
Winston4516103
Lawrence4321117
Bibb425186
Barbour357776
Marengo338090
Monroe331464
Randolph329764
Butler326396
Pickens316284
Henry312666
Hale311388
Cherokee302860
Fayette292880
Washington251551
Cleburne247760
Crenshaw245275
Clay243368
Macon234663
Lamar224147
Conecuh186153
Coosa180240
Lowndes175164
Wilcox168839
Bullock151644
Perry138840
Sumter133038
Greene126744
Choctaw88527
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