Hedge fund legend Leon Cooperman thinks we’ve seen the bottom in the stock market this year.
Speaking with CNBC on Tuesday afternoon, Cooperman said that 1,810 on the S&P 500 was the low for the stock market this year.
Cooperman also said he sees the stock market “modestly higher” at the end of 2016.
The S&P 500 was trading near 2,010 on Tuesday afternoon.
In mid-January Cooperman told CNBC that the stock market was nearing a bottom with the S&P 500 trading near 1,880, about 70 points above where it ultimately bottomed out.
To start 2016, stocks sold off hard — falling about 10% — as fears over economic stability in China, a recession in the US, and the impact of negative interest rates had markets very jittery.
In the last several weeks, however, stocks have bounced back. And at least one hedge fund billionaire thinks we’ve seen the worst of it.