BlackRock Chairman and CEO Larry Fink told CNBC on Wednesday the stock market has made a near-term closing bottom on Christmas Eve. But whether that holds depends on geopolitical risks, he added.
In the long-term, Fink predicts that stocks will be higher over 10 years, but not without some bumps along the way.
Fink, co-founder of the world's largest money manager, appeared on "Squawk Box," shortly after BlackRock reported quarterly earnings and revenue that missed expectations, and assets under management below $6 trillion.
In the broader market, the Dow Jones Industrial Average, S&P 500, and Nasdaq broke a two-session losing Tuesday. After plunging into bear markets late last year, the Dow is the closest of the three to escaping correction territory, down 10.7 percent from its recent highs going into Wednesday trading.
The Dow on Tuesday closed up two-thirds of a percent; the S&P 500 gained just over 1 percent; while the Nasdaq outperformed with a 1.71 percent advance as Netflix led a bounce in tech stocks.
All three stock measures were sporting solid gains year-to-date after collapsing in the final three months of 2018 on concerns about the Federal Reserve's plans for interest rates.
Fed Chairman Jerome Powell stoked fears with mixed messages as signs of an economic slowdown were emerging, implying in October an more aggressive path higher for rates only to later walk back those remarks.
However, the Fed still raised rates for the fourth time in 2018 after its mid-December meeting, with projections for two more hikes in 2019. That continued to fuel Wall Street's slide to its closing lows of 2018 on Christmas Eve.
The stock market has been recovering some of that lost ground this year, helped by comments from Powell on Jan. 4 when he said Fed policymakers "will be patient" on rates given continued muted inflation.
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