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Some strong earnings news and positive economic reports helped boost markets on Thursday. Should investors be preparing for a rally to finish the week? Jack Ablin, CIO of Harris Private Bank, shared his market outlook.
Ablin said he is concerned that the US economy is being powered by artificial stimulus from the government.
“A lot of it is a 'donut-based recovery,' where we’re operating an economy sugar-shocked with donuts,” Ablin told CNBC.
“The good news is we have about eight to 10 donuts left in the box. So my sense is as we move through the next few quarters, we’re slowly going to be taking this patient off of life-support."
"And what we end up with, we’re not going to know until the middle of next year.”
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“The patient’s ultimately diabetic—we’re addicted to sugar, unfortunately—the question is, if I look underneath the surface right now, I’m not seeing net new jobs being created…and not seeing [positive] sentiment among small business owners,” he said.
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