But Dan Greenhaus, managing director at BTIG, was hopeful of an improvement later in the year.

BBC: US economy grows 2.5% on buoyant consumer spending

"What we're seeing is that people see there are more jobs around, " said Dan Greenhaus, chief global strategist at BTIG.

WSJ: Stock Rally Hits the Wall

Dan Greenhaus, chief global strategist at BTIG LLC, a New York brokerage, said market expectations for the Fed to eventually aid the economy would keep stocks from falling too quickly.

WSJ: Stocks Pull Back

"If there was any doubt that the housing market was undergoing a recovery, even a modest one in the face of the terrible 2008 decline, those doubts should be erased by now, " said Dan Greenhaus, chief global strategist at BTIG.

BBC: Fresh signs of recovery in US housing

"As concern about risks continues to fade, and confidence in the recovery grows, you're getting exactly the type of multiple expansion that hasn't been seen over the past few years, " said Dan Greenhaus, chief global strategist at brokerage firm BTIG LLC.

WSJ: Stocks Pull Back