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Shift To U.S. Equities From Europe And Japan, David Darst Tells CNBC

NEW YORK (TheStreet) -- The final day of trading in July closed with major stock indexes mixed after a month-long rally across many sectors made up for a defensive environment in the first half of 2016.

Former Morgan Stanley (MS) Managing Director and independent investment consultant David Darst thinks a shift to U.S. equities from overseas is necessary for investors.

"Reduce in Europe and Japan and add to small and mid-cap U.S. equities. And add to emerging markets which have been doing well," Darst said on CNBC's "Closing Bell."

Darst remains wary of...