Bob Doll: 2016 a 'Frustrate the Bull, Frustrate the Bear' Sort of Year

Nuveen Asset Management Chief Strategist Bob Doll on the outlook for oil and stocks.

BOB DOLL: We got just too pessimistic in the market in the last few weeks believing the financial system of the world was in jeopardy, we're going into recession. Employment's good.

Horrible beginning [of the year]. But look at U.S. employment--continues to improve. Initial unemployment claims last week--another good number. Wage growth is beginning to pick up.

Earnings is the key now. And it's going to take a little time. But if oil stops going down and the dollar stops going up, we'll begin to see better earnings and that's all the stock market needs in my opinion to resume some strength.