Jim Cramer is looking into investing in BlackRock, the largest asset manager globally. We’re adding it to our watch list. BlackRock shares hit a record high after strong third-quarter earnings, exceeding analyst expectations. CEO Larry Fink announced that assets under management reached an impressive $11.5 trillion, thanks to rising market inflows. Fink highlighted that they added $2 trillion organically over five years.
The financial sector announced quarterly earnings on Friday, with BlackRock and Wells Fargo showing strong results. Morgan Stanley is set to report next Wednesday. Wall Street faced challenges due to prolonged high-interest rates, which finally saw a cut last month. Many are debating the Fed’s next move, with expectations now leaning towards just a 50-basis-point cut by year-end.
BlackRock’s excellent results suggest its time to consider investing. The stock has risen over 12% in the past month, significantly outperforming the S&P 500. Jim Cramer mentioned he thinks the stock can continue to rise despite its recent gains. He held off on buying because he has been focused on Wells Fargo and Morgan Stanley.
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