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Stocks have staged a record rebound since the economic shutdown sent stocks tumbling in March. But the major averages all finished September lower, snapping a five-month win streak, as doubts emerge about the pace and breadth of the recovery.
Zaccarelli noted that while there seems to be a floor under stocks, if the market is to continue moving higher into the end of the year there needs to be strength from more areas of the market.
"For the market to really push higher for the rest of the year we really need to see some participation from the cyclical sectors," he said, citing industrials and financials in particular.