December 5, 2017 / 9:30 PM / a year ago

BlackRock president says stocks likely to rise as investors shuffle cash

NEW YORK, Dec 5 (Reuters) - BlackRock Inc President Rob Kapito on Tuesday said there is a “high probability” that stocks globally are going to rise as more than $70 trillion in savings enters the market in search of better returns.

Speaking at a question-and-answer session in New York, Kapito said the cash is also likely to enter the debt market over the long term, keeping rates low. BlackRock is the world’s largest fund manager, overseeing nearly $6 trillion. (Reporting by Trevor Hunnicutt; editing by Diane Craft)

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