April 23 (Bloomberg) -- U.S. stocks will extend their gains as the nation’s economy grows and outperforms other regions, according to New York-based Brian Belski, chief investment strategist at BMO Capital Markets.
“Structurally, U.S. equities remain the best asset in the world,” Belski said on Bloomberg Television’s “Surveillance.” “And not just the best asset in a bad neighbourhood, just the best asset, period.”
The strategist said investors should favor companies exposed to the domestic U.S. economy. He advised not buying into the best-performing industries this year, including healthcare and utilities companies, which are known as defensives because they tend to be less tied to economic growth.
“Any time you see” defensive industries outperforming “and you combine it with a double-digit advance in the market, I would call that goofy sector performance.”
The Standard & Poor’s 500 Index has rallied almost 10 percent this year.
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