Election Not a Market Worry Yet, HighTower's Bahnsen Tells CNBC
NEW YORK (TheStreet) -- The upcoming presidential election is not going to move the market significantly at this time, HighTower's Bahnsen Group CIO David Bahnsen said on CNBC's "Closing Bell" Tuesday.
"I think the election is like any other thing where it isn't so much bad news or good news that will drive the market, it's unexpected news," Bahnsen explained.
The U.S. market does "not have a particular concern at this point" on the election. There is still "four months to go and a lot can happen," he continued.
What investors should stay focused on is how the Federal Reserve votes on interest rates and how global yield rates are performing, according to Bahnsen.
"Those are a far bigger impact at this point than the U.S. election," he commented.
Meanwhile, three of Bahnsen's "highlighted" stocks to invest in are Blackstone (BX) - Get Report , Enterprise Products (EPD) and LyondellBasell Industries (LYB).
"There's so much that we like that we think is pricey, that's a little frothy in that dividend sector, low volatility, the consumer staples, they've gotten too expensive," Bahnsen stated.
Blackstone, for example, is a "high quality name" with "great growing dividend yield" and its shares are affordable, he noted.
Shares of Blackstone closed higher by 0.68% to $25.30 today.
Separately, TheStreet Ratings rated Blackstone as a "hold" with a score of C+.
The primary factors that have impacted this rating are mixed. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, TheStreet Ratings also finds weaknesses including deteriorating net income, disappointing return on equity and premium valuation.
You can view the full analysis from the report here: BX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.