Stocks have endured a rough year, but they may not fall into a bear market just yet, widely followed hedge fund manager Leon Cooperman said Friday amid a sell-off in U.S. equities.
"I'm not selling. I'm holding on because I do believe this is a growth scare and not a bear market," the billionaire CEO of Omega Advisors said on CNBC's "Fast Money: Halftime Report."
Major U.S. averages all fell around 3 percent on the day amid a plunge in oil prices and a string of disappointing economic data, including retail sales and industrial production. Both U.S. and Brent crude traded below $30 per barrel on Friday.