Ameriprise: 'Stick with Cyclical Stocks Heading Into Second Half'
Description:The stock market is not overvalued despite the recent run of new highs, says David Joy, Chief Market Strategist at Ameriprise Financial. That said, Joy says stocks could sell off around 2000 on the S&P once traders begin discounting increasingly hawkish Federal Reserve actions. Joy says the economic data is finally catching up with equities and this will drive second quarter earnings higher.(2:37)