BlackRock's Rick Rieder says he believes in U.S. economy but is buying stocks overseas

Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, speaks during a Reuters investment summit in New York, November 7, 2019.
Lucas Jackson | Reuters

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This could be a good time for investors to diversify their stock holdings with some international names, BlackRock's Rick Rieder told CNBC on Monday. 

BlackRock downgraded U.S. stocks to neutral from overweight earlier on Monday. Rieder, the head of the firm's global allocation team, explained on "Closing Bell" where he is moving BlackRock's investments.