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Don't get out of stocks yet, BlackRock's Fink says

There's still upside momentum in stocks and the market should be higher in a year, BlackRock Chairman and CEO Larry Fink told CNBC on Thursday.

"The market is more fair-priced here," he said in a "Squawk Box" interview, but added that he would "still be long U.S. equities" because he thinks "they will be higher in 12 months."

BlackRock has more than $4 trillion in assets under management.

Moves by central banks around the world have been putting a floor on stock prices, according to Fink, although he said investors shouldn't expect large gains without an improvement in earnings.

The Federal Reserve should also be a factor in investment decisions, he said.

On Wednesday, the central bank has reduced its bond-buying program by another $10 billion to $35 billion a month. Policymakers also held steady near-zero interest rates, which are expected to stay that way until mid-2015.

Read MoreFed tapers $10 billion more; economic outlook cut

"[The Fed] went from extremely dovish, in my mind, to just dovish," Fink said. "Rates are going to remain low for many years. That's a great foundation to be in higher-yielding fixed-income and ... equities."

While the Fed did continue to taper its bond-buying, the central bank is actually being more aggressive now relative to the slowing of issuance of bonds due to lower deficits, he said—calling for the Fed to wind things down more quickly.

Fink said he agrees with Fed Chair Janet Yellen's comments at her news conference Wednesday, playing down recent concerns about inflation. "I don't think there is that much inflation within the economy."

Read MoreFed not nearly worried enough about inflation: Pros

That should give Yellen more time to decide on when to start increasing interest rates, he said.

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By CNBC's Matthew J. Belvedere

Contact US Economy

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