'Capitalism as we know it will likely be changed forever.'
Billionaire Leon Cooperman says that the U.S. economy and markets may be facing lasting implications from the COVID-19 pandemic that has ravaged global economies.Speaking during a Thursday morning interview on CNBC, the wealthy investor said the impact of the virus has changed things in 10 specific ways, in his view:
The prominent, veteran investor, who boasts a net worth of $3.2 billion, according to Forbes, said he thinks that the market is currently fairly valued at its current level but could head to as low as 2,200 on the S&P 500 index due to the coming recession.
His comments come as the stock market was attempting to shake off another bad unemployment report, which showed that more than 4.4 million people filed for unemployment benefits in the week ended April 18, bringing the total unemployed to over 26 million, as the pandemic has caused major business shutdowns across the U.S.
At last check, the Dow Jones Industrial Average DJIA, +0.16% was up nearly 200 points, 0.8%, around 23,662, while the S&P 500 SPX, -0.05% was 0.9% at 2,824. The Nasdaq Composite COMP, -0.00% gained about 1% at 8,578.
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