Friday, October 30, 2020

This post was originally published on CNN - Business News

Home Business BlackRock is soaring as investors plow money into ETFs

BlackRock is soaring as investors plow money into ETFs

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This post was originally published on CNN - Business News

The continued allure of passively managed index funds is a big reason why BlackRock is thriving during these volatile times for the market. BlackRock said that iShares raked in $2.3 trillion in assets during the third quarter — and nearly 70% of that total was for stock funds.
BlackRock disclosed the numbers in its latest earnings report Tuesday. Revenue and profit easily surpassed Wall Street’s forecasts.
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“As investors around the world navigate current uncertainty, including the pandemic and uneven economic recovery, BlackRock is serving clients’ needs with global insights, strategic advice and whole-portfolio solutions,” said BlackRock CEO Larry Fink in a press release.
Shares of BlackRock (BLK) rose more than 4% on the news. BlackRock’s stock has now surged nearly 25% in 2020 thanks to its strong results. The asset management company is thriving at a time when most other Wall Street investment banks are struggling.
JPMorgan Chase (JPM), despite posting solid results of it own Tuesday morning, is still down more than 25% this year. Shares of rivals Citigroup (C), Bank of America (BAC) and Goldman Sachs (GS) are all in the red for 2020 as well.

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