Stock markets don't want a strong economy, since a resurgence in growth would mean the end of cheap money and heighten worries about inflation, said Bob Doll, chief equity strategist at Nuveen Asset Management.
"So many people want a strong economy. Beware of what you ask for. I think a decent economy is required for the stock market, but not a strong one," Doll said on "Squawk on the Street." "A strong one will bring the questions, 'When is the Fed done? When is inflation coming back? When is the end of the cycle?'"