BlackRock remains convinced the stock market has further to run, the chairman and CEO of the world’s largest money manager told CNBC on Friday.
“We believe the U.S. economy and the global synchronized, global economies are strong enough to continue the upward bias on equities,” he said.
He also believes that “investors are underinvested,” which means he thinks there’s more money on the sidelines that could come into the market.
“The demand in credit and other assets is going to keep a spike in interest rates to be more muted,” Fink said.
“We think interest rates are going to be higher,” he added. “We don’t think this is necessarily bad.”
Retirement savers even as old as 50 should mostly be in stocks rather than bonds, he said.
Fink also said the Republican tax overhaul law is largely going to help Americans, and should add about 1 percent annually to economic growth, at least in the first few years.
BlackRock said Friday morning its assets under management surpassed $6 trillion in the fourth quarter. It reported better-than-expected quarterly earnings and revenue.
Source: Investment Cnbc
BlackRock's Fink, who oversees trillion, says he's still 'quite bullish' on stocks due to global growth