US Markets

Long-term bull market run not over: BlackRock's Koesterich

Signs of spring thaw: Pro

The run isn't over for the long-term bull market, with signs of a "spring thaw" happening in the economy, BlackRock's Russ Koesterich told CNBC Thursday.

"If the economy improves in the back half of the year as we expect, I do think that stocks can move higher in 2014," he told "Street Signs."

Stocks ended mixed on Thursday, with the closing down after coming within two points of its record close.

Read More US stocks finish mixed; Nasdaq's decline longest in a month

Although Koesterich thinks stock prices will continue to rise, he said it will not be at the pace of 2013. He also isn't concerned about the potential of rising bond yields thwarting the momentum.

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With inflation remaining below the Federal Reserve's target, "we're not in a situation where bonds are going to create any real competition for stocks, at least not in the long term," he said.

Read More Investors losing taste for pricey Treasurys?

Corporate earnings could also help propel the market higher. Companies may be slow to hire, but Koesterich noted that they are posting solid results and he expects that to continue.

"We are seeing signs of a spring thaw," he said. "Most of the leading indicators are suggesting that you're going to get an improvement on the economy—it's already happening—and with that revenue growth should pick up a bit."

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Although Koesterich expects the market to move higher, he urges caution when it comes to momentum names.

"From our perspective, rather than chase last year's winners, we see better possibilities in some of the value names that have been overlooked both in the United States and overseas," he said.

—By CNBC's Michelle Fox