Blackrock Chief Investment Officer for Global Equities Bob Doll says that the stock market rally isn’t over, but that it has entered a new phase.

Doll tells Bloomberg that last week’s jobs report was a sign that interest rates won’t stay at 0% forever, and that at some point the Federal Reserve will raise rates. That will mean an adjustment for the market, he says. “We don’t think it’s over. We just think we’re in this transition phase,” Doll said of the rally, explaining that the transition will be from a P/E multiple-driven market to one that is driven by the real economy and earnings. He thinks the path overall will continue upward, but that it will be bumpier than it has been thus far during the rally. Doll says investors should make sure they have some higher-quality, less economy-dependent stocks in their portfolios — not just cyclical plays — as the market enters this new phase.

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