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Appaloosa's Tepper: Chief market concerns have 'alleviated'

Widely followed hedge fund manager David Tepper told CNBC on Thursday his chief market concerns have "alleviated."

Last month, the founder of Appaloosa Management said at the SkyBridge Capital's SALT conference that he was "nervous" about markets and that with Europe rates, China and U.S. growth concerns, investors should approach the market with more caution.

David Tepper, founder of Appaloosa Management
Adam Jeffery | CNBC
David Tepper, founder of Appaloosa Management

Those views changed. "Bottom line is, all of those things alleviated, one by one by one to a certain extent," Tepper said in a phone call to CNBC.

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Major averages, which had been largely flat most of the morning, rallied following Tepper's comments, pushing the Dow and S&P to fresh record levels.

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Click here for the latest on the markets.

—Written by CNBC.com's Evelyn Cheng, reporting by Kate Kelly

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