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Blackstone's Byron Wien, who's been working on Wall Street for more than a half-century, thinks the recent stock market weakness on diminishing prospects for President Donald Trump's business-friendly agenda is nothing for investors to panic about.
"I'm worried he won't get a lot of his program through, but offsetting that is the economy doing better than I originally thought," Wien told CNBC's "Squawk on the Street" Friday.
"What you have to look at is the underlying fundamentals," he added. "I think we could be headed for 3 percent growth by year-end. Earnings are coming in much better than expected."
The Dow Jones industrial average fell 274 points on Thursday and headed for its second weekly drop in a row as investors grow concerned that President Trump's remarks on a white nationalist rally in Charlottesville, Virginia, may stall his pro-growth agenda by alienating Republicans.
Some Republicans in Congress have already signaled their opposition to Trump's controversial comments.
"This is just one of those inevitable corrections that occur from time to time," he said. "We'd gone a long way since the election."
Wien, who is vice chairman at Blackstone, puts out an annual list of 10 market surprises that is required reading for investors on Wall Street. Blackstone has assets under management of more than $371 billion, according to its website.