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Larry Fink: Prepare for stocks to fall another 10%
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Loading...BlackRock Chairman and CEO Larry Fink said Friday the stock market could fall another 10 percent and oil prices could test $25 per barrel.
"We're in the midst of a real market decline, bordering on a bear market," he told. "But the speed at which this is happening is just a reassessment of the risk, reassessment of where we're going."
Despite Thursday's gains, the Dow Jones industrial average and the Nasdaq composite remained in correction, a threshold of 10 percent or more to the downside from all-time highs.
If the market were to fall another 10 percent, as predicted by Fink, that would put stocks in a bear market, as defined by a decline of 20 percent from new highs.
Fink does not believe stocks will enter what he calls a classic bear market. "I always look at a bear market ... [as] persistent water torture, day after day after day after day. I'm not sure this is what we call a classic bear market.
But by the second half of the year, Fink said, the stock market should be higher. "Over the course of the next six months, we think it's going to feel a lot better."
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