Wednesday, April 23, 2014
By KEN SWEET/The Associated Press
(Continued from page 1)
"When you add it all up -- the problems in Libya, Egypt, Syria -- you're looking at three million barrels a day in potential production outages," said Nick Koutsoftas, a commodities-focused portfolio manager at Cohen & Steers.
Market observers emphasized that for long-term buy-and-hold investors -- the average American with a 401(k) -- it's best not to follow professional investors to the sidelines. Lower stock prices could lead to buying opportunities.
"If you're looking out three years, there are a lot of positive things going on," Hyzy said, noting that the economy is slowly recovering, and the U.S. is moving toward energy independence and a revival of manufacturing -- both of which could create jobs.
"I would buy, if you have a three-year investing horizon," he said.
Lawrence Creatura, a portfolio manager with Federated Investors, said the stock market pullback in August has created opportunities to start picking individual stocks again.
Creatura pointed to the retail industry -- which has been hit hard by lower profit forecasts and the rise in oil prices -- as an opportunity. "Lower prices make some stocks more attractive," Creatura said. "Our analysts are extremely busy."