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Market Recap: Wednesday, December 23

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Stocks rose Wednesday, as investors weighed the still-dire pandemic situation against the arrival of more stimulus. Charles Lieberman of Advisors Capital Management and Tracie McMillion of Wells Fargo Investment Institute joined Yahoo Finance Live to discuss.

Video Transcript

[MUSIC PLAYING]

JULIA LA ROCHE: Welcome back to "Yahoo Finance Live." We're just a couple of minutes away from the closing bell. I do want to bring in our guest. We have Charles Lieberman, CIO at Advisors Capital Management. Also joining us is Tracie McMillion, Head of Global Asset Allocation at Wells Fargo Investment Institute. And of course, Yahoo Finance's Jared Blikre will be joining us. Charles, let's start with you. Your reaction to the news that we got out of DC. President Trump asking for more stimulus money. Your reaction to the stimulus bill as is and that latest bit of news?

CHARLES LIEBERMAN: I think it's too little too late in terms of his intervening. The bill is basically done. It's $900 billion, and that's a significant amount to add to the economy in a short period of time. Most importantly, it's going to help us bridge the gap for the next few months until the vaccine becomes widespread, a lot of people get inoculated, and things start to really reopen. So it's really a very helpful. The timing is actually quite good. I'm actually very pleased about that. And I'm looking to a positive performance of the economy beginning probably even in the first quarter, but certainly by the second.

JULIA LA ROCHE: All right, well, Charles, we're going to talk about--

ADAM SHAPIRO: All right, everybody stay in place.

JULIA LA ROCHE: [INAUDIBLE] in just a sec, but let's bring in Jared Blikre.

ADAM SHAPIRO: Hold on one second. Jared, go.

JARED BLIKRE: I'm just going to go. I'm just going to go here. We got the Dow and S&P 500 set for some nice close's here. Dow up the most, up half a percent. NASDAQ just sank into the red, probably giving up its potential record close right there. But the Russell 2000, that is surging on the day. It's up about 9/10 of a percent, almost 1% now, and it will be getting a record close. Well, here is the NASDAQ 100 heat map. We got some of the majors under water here. Apple reversing its two-day gains, down half a percent. Microsoft off 1%.

[RINGING BELL]

But the communication services sector doing well with Facebook. Here's the closing bell on Wall Street.

[GAVEL BANGS]

ADAM SHAPIRO: Long day on Wall Street, as the markets close in the green, and you can see the S&P 500 going to settle up about two points. The Dow is going to be up about 100 points. NASDAQ however, NASDAQ is off. And when you take a look at some of the sectors, energy was up over 2%. Some of the sectors that fell into negative territory, information technology and real estate. As we take a look at all of this, want to bring Tracy back into the stream and ask you, when you're an investor looking at the global picture for 2021, you see an uneven growth picture. Can you help break that down for us?

TRACIE MCMILLION: Sure. So what we're seeing in terms of 2021, is that in the US, we think that growth is probably going to slow here in the first quarter, potentially picking up in the second quarter as more vaccines are administered, and as the economy really gets restarted. So ending the year more strongly in 2021 with potential GDP gains in the 3.8% range.

And then in terms of international growth, we see pretty strong growth out of emerging markets in the 5.8% range. And for developed markets, not quite as strong there, probably sub 2% for developed international markets. So emerging markets probably leading the way in 2021.

JULIA LA ROCHE: And Charles, you were mentioning your view of the economic outlook for 2021. Would love to also talk about markets. Tracie was just talking about some of her views and opportunities. Where are you going to be seeing opportunities in 2021? Where do you want to put your money?

CHARLES LIEBERMAN: Well, Julia, the best place to put it is in the parts of the economy that are going to respond to the vaccine. So the stay at home trade, that's behind us. Today was a perfect example of it. We saw the NASDAQ actually closed lower. The same time, the Dow was up over 100 points and the S&P was up nicely. I think that's the trade for 2021.

So it's the financials, it's energy, some of the real estate firms that have been hurt by the pandemic. That's the best place to be. And I would think that the technology sector, which has done nothing short of spectacularly, they will continue, those kind of companies will continue to do well. They just won't keep pace with the parts of the economy that were hurt and that have enormous rebound potential.

ADAM SHAPIRO: Tracie, breaking down that uneven global growth picture, here in the United States, the sectors that stand to do well regardless of a gridlocked Congress, are there sectors that as investors, we should pay attention to or shun?

TRACIE MCMILLION: Yes. Actually, we like, we continue to like those sectors that have been the winners so far in 2020. So sectors like information technology or communication services. We like health care, because we think that there's going to be additional investment in health care going forward. So that's another area of the market we like. And we've recently upgraded materials and industrials, because we think we're at the point in the cycle where cyclicals should start to do pretty well.

JULIA LA ROCHE: And Tracie, you were mentioning earlier, if I heard you correctly, about you all are favoring, did I hear you say you were favoring the US equity market over say, EM, for example? Is that what you were saying earlier? And if so, why exactly?

TRACIE MCMILLION: So we like large cap and mid caps in the US. We have recently upgraded small caps to a strategic allocation. And we've upgraded emerging markets to a strategic weight position. The only part of the equity market where we're unfavorable right now is developed market.

So to answer your question, yes, we do like large caps and mid caps over emerging market at this point, because we do think that they've got high quality earnings for the most part, and that the US is going to see some pretty strong growth next year, at least above trend growth. And we're looking for opportunities to potentially increase emerging markets. But right now, we're staying at a strategic weight.