Billionaire Leon Cooperman: I’m optimistic the stock market has bottomed on coronavirus fears

FAN Editor

Leon Cooperman

Olivia Michael | CNBC

Billionaire investor Leon Cooperman told CNBC on Friday that he’s optimistic that the stock market has bottomed on coronavirus fears.

“If I’m right on the virus call, if I’m right and that’s the big if … I think the market at the recent low of 2,187 [on S&P 500] was close enough to the bottom to be called the bottom,” Cooperman said on “Squawk Box.

He said he sees a range this year for the S&P 500 between 2,200 and 2,800.

Cooperman, chairman and CEO of Omega Family Office, said earlier this month that investors who are trying to manage the stock market’s coronavirus-driven volatility needed to be patient. 

Don’t buy on margin, “just know what you own and be patient,” Cooperman told CNBC on March 1

Cooperman’s comments on Friday came as Dow futures were pointing to an opening loss of around 700 points. 

The market was riding a three-session winning streak that’s seen both the Dow Jones Industrial Average and S&P 500 rise more than 20%.

This is breaking news. Please check back for updates. 

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