Looking for a breakthrough

The US market is expected to hit more lows before it builds up any sustained momentum, says BlackRock's Bob Doll

Despite a significant Election Day rally, stocks last week gave up a portion of the near-record gains they made two weeks ago, with the Dow Jones Industrial Average falling 4.1% to 8,944, the S&P 500 Index declining 3.9% to 931 and the Nasdaq Composite retreating 4.3% to 1,647. Despite these declines, stocks still remain about 10% above the lows they reached on October 10. Last week's election outcome was in line with expectations and was generally priced in to markets prior to Election Day. President-elect Obama and the next Congress will have to contend with an extremely weak economy, a...