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“ ‘I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19.’ ”
That’s BlackRock BLK, +4.09% boss Larry Fink, in a Tuesday interview on CNBC, shrugging off the potential bearish impact a winter coronavirus wave could have on the stock market.
“I believe we still have more to go on the upside even in front of probably rising infection rates with Covid-19,” Fink continued, adding that he believes another fiscal stimulus package will ultimately give the stock market a leg up, even if it’s after the election. “We have a strong conviction that the average investor still is under-invested, and they’re going to have to be putting more and more money to work over the coming months and maybe even years.”
He also said that low interest rates will continue to give equities a boost as the U.S. economy works its way back from pandemic lows. Watch the interview:
Before Fink’s appearance on CNBC, the world’s largest asset manager reported a quarterly profit and revenue that were well above expectations. “Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has driven positive active flows over the last year,” Fink said.
BlackRock stock, which opened higher in Tuesday’s session, has rallied 22.3% year to date through Monday, while the S&P 500 has gained 9.4%. Meanwhile, the Dow Jones Industrial Average DJIA, -0.16% was lower, at last check, as was the S&P SPX, -0.17%. The Nasdaq Composite COMP, -0.09%, however, traded in the green early Tuesday.
