Bob Doll: 50% chance we've hit market bottom
A day after one of the most volatile trading days in recent Wall Street memory, Nuveen Asset Management Chief Equity Strategist Bob Doll said the market may have found its bottom.
"There is a chance the bottom's in. I'm not going to say it's 100 percent but I can say its at least 50 [percent]," Doll said in a Tuesday CNBC "Squawk Box" interview.
On Monday, U.S. equities closed down more than 3.5 percent amid global growth concerns. The Dow Jones industrial average even plunged more than 1,000 points shortly after the open, but closed the session down less than 600 points.
Doll added this market is following a similar pattern to the one seen in 1987.
"That was classic technical selling. You had the panic low on Monday on the huge volume. You got the turn on Tuesday and we closed up nicely on the day. The rally continued, but then we had the test of the low in December," he said.
U.S. stock futures pointed to a sharply higher open, with Dow Jones futures spiking 600 points at one point.
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