Larry Fink: Stocks Have Room to Rise

“The stock market, which hit record peaks earlier in April, will end the year higher, says Larry Fink, CEO of BlackRock, the world’s biggest money manager.

Positive fundamentals will dictate the move, he tells CNBC. About 85 percent of the companies that have reported first-quarter earnings have topped analysts’ estimates, he says.

“It’s an indication of a stronger economy. It’s an indication of corporations managing their expenses properly. It does validate my long-term view.”

BlackRock enjoyed a record inflow of $33.7 billion into its stock funds during the first quarter. “What we’ve seen from the beginning of the year is that clients are putting cash to work,” Fink explains.

“Most of that money came from cash. We didn’t see a rotation from bonds to equities. We saw a persistent demand for equities.” And Fink thinks that demand will continue….”

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