"It's not a market that is sensitive to interest rates.
Blue-chip stocks sensitive to interest rates, including financial and retailing issues, also fell.
But housing, which is highly sensitive to interest rates, could help lead a recovery.
And 5 percent are in commodity funds, which are sensitive to interest rates.
The first types of demand to recover were ones that were sensitive to interest rates.
These are considered lower risk and less sensitive to interest rate rises.
In addition, America's economy is more sensitive to interest rates than that of the euro zone.
"Having said that, the economy is not as sensitive to interest rate increases as it used to be.
"People are associating Lowe's with home builders, but we think they're less sensitive to interest rates," Mr. Maran said.
Among the big losers last week were financial stocks, which are highly sensitive to interest rate changes.
Even construction spending, which traditionally is very sensitive to interest rates, has recently been rising at an impressive clip.
