The message at the Wells Fargo Advantage Funds Market Strategists breakfast in New York City on Tuesday was optimistic: the stock market may be contracting, but the economy is slowly recovering.

“I don’t think there will be a double dip recession,” Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management Group, said at the event. “There is too much fiscal liquidity. There may be sub-par growth but there is still growth.”

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