Billionaire investor Warren Buffett was a sharp critic of Donald Trump during the presidential campaign, but said in an interview broadcast by CNN Friday that he expects the stock market to continue rising.
“The stock market will be higher 10, 20 and 30 years from now and it would have been with Hillary [Clinton] and it will be with Trump,” Buffett said. Suggestions by market pundits that stocks would plunge after a Trump victory were “silly,” he said.
Stocks pulled back Friday, a day after the Dow Jones Industrial Average DJIA, +0.08% hit a record. Stocks extended a rally in the wake of Trump’s surprise victory over Democrat Clinton on Wednesday and Thursday. The S&P 500 SPX, +0.00% logged a 3.8% weekly gain, while the Dow finished up nearly 5.4% over the same stretch, which marks the blue-chip gauge’s biggest weekly advance since 2011.
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Time For Truth: (Market Watch) – Trump critic Warren Buffett says stocks will continue to rise