Market Extra: As Dow 20,000 nears, stock-market pundit says don’t play it safe in cash

Has Wall Street hit peak stock-market elation? Exuberance has the Dow Jones Industrial Average on the brink of piercing through a milestone of 20,000—a level it has never hit before.

Read:What Dow 20,000 means for stock-market investors

Perhaps, that is why some market experts are espousing an unequivocally bullish outlook for equities. That level of enthusiasm was on full display after Robert Doll, Nuveen Asset Management’s chief equity strategist, on Wednesday said he was “fully invested” in the market. Asked by one CNBC reporter if he recommended keeping any cash holdings, sometimes viewed as an alternative asset in an ultralow-yield environment or tanking stocks (or to take advantage of opportunities), Doll had this to say: Hold cash? “What for? Market’s going up!”

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