The stock market has gotten ahead of reality, Pimco's Mohamed El-Erian told CNBC Friday.
In a continuation of recent comments, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said the US has yet to see a durable and sustainable recovery.
"Stock investors are making overly optimistic assumptions," El-Erian said. "The key stimulus has already come into the consumer and has helped in the last few months. But for the third and fourth quarters looking ahead, I am not so sure things will be as good."