Leon Cooperman says the stock market won't have a new high for a long time

Billionaire investor Leon Cooperman said Thursday the stock market could be stagnant for an extended period of time.

Billionaire investor Leon Cooperman said Thursday the stock market could be stagnant for an extended period of time, adding that he's standing by his recession call. "I don't expect we see a new high in the market for a long time," Cooperman said on CNBC's "Squawk Box." "We've had a very bad policy mix, and part of the strength this year has been very simulative fiscal policy and restrictive monetary policy.

" The S & P 500 has rallied more than 16% this year, powered by Big Tech and stocks tied to artificial intelligence. The large-cap equity benchmark is about 7% below its all-time high reached in January 2022. .SPX 5Y mountain S & P 500 Cooperman said investors came into the year with low equity positioning and negative sentiment, and then were forced to catch up with the rally, driving the market even higher.

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