BlackRock CIO Rieder: Believes In U.S. Economy But Buying Foreign Stocks?

EDITOR NOTE: BlackRock’s Rick Rieder said several times on a CNBC Market Alert interview that the US economy is “strong,” the stock market’s recovery “impressive,” and that there’s further “upside” in various industries across the broader market. Yet, BlackRock downgraded US stocks, and Reider himself is shifting the company’s allocations elsewhere. It just comes to show, don’t listen to what financial experts say...instead, pay attention to what they hold in their portfolios.

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.  

Read more on CNBC