The S&P 500's roughly 16% rise in 2019 is 'not nothing,' the billionaire co-founder of Blackstone Group says.
The stock market has had a"good run" this year, but its rate of increase may slow down, the billionaire co-founder of Blackstone Group told CNBC on Thursday.
Schwarzman said the market"overshot on the way down, significantly" in the fourth quarter of last year, which saw the S&P 500 sink 2.7% on Dec. 24 to the lowest close of 2018. At the time, markets were responding to turmoil in Washington, including reports President Donald Trump was discussing how to remove Jerome Powell from his position as chairman of the Federal Reserve.Since Dec.
The recession"didn't happen" and"China didn't fall off a cliff the way people were also saying," Schwarzman said."Now [the market has] popped up and it is at a pretty good level."
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