The S&P 500, off 8.5 percent this yea at around 1,868 as of Thursday, was still nearly three times higher than the 666 low in March 2009, the bottom during the financial crisis.
“The reality is, over a long cycle, you’re going to do fine in equities,” Fink said. “You use market declines to start accumulating [stocks].”
“[But] in some sectors, we’re going to have more pain. We’re not over yet. We still haven’t found the bottom in oil prices yet,” Fink warned, following his prediction a week ago that crude could test $25 per barrel.
Earlier this week, West Texas Intermediate crude dipped under $27 per barrel, but gains Thursday and early Friday pushed WTI up nearly 10 percent and back above $31 per barrel.
As oil tries to climb out of the cellar amid lingering China concerns, Fink also weighed into the debate over interest rates.
The Federal Reserve, which meets next week, has been under pressure to signal fewer than the four rate hikes central bankers projected in December when they increased the cost of borrowing money for the first time in a decade.
“I worry about these low rates are the cause of the market slowdown. The average saver just doesn’t have enough money in retirement,” Fink said. “Low rates force savers to save more,” not to consume or invest.