Jim Cramer warns investors not to panic to sell reliable stocks
CNBC’s Jim Cramer told investors not to dump their traditional, stablecoin stocks after Tuesday’s trading session.
“It’s so easy to panic out of stock at the first sign of weakness,” he said, adding, “I advocate the opposite.”
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The Dow Jones Industrial Average and S&P 500 fell on Tuesday on weaker-than-expected bank profits, ending a four-day winning streak. The Nasdaq Composite was the only major index to meet that day.
So far, the tech-heavy Nasdaq has led the year-to-date at 6.01%, with gains driven by hopes on Wall Street that signs of slowing inflation mean that a better year is in store for growth stocks.
To screw up reaffirmed its position that investors shouldn’t rush into tech stocks, warning that most companies haven’t taken the necessary cost-cutting steps to make recent runs in their stocks sustainable.
He added that Tuesday’s losses represent a buying opportunity for another group of stocks.
“I’m still more of a believer in those traditional cyclical stocks. You have the option to buy them ahead of what I think are better earnings comparisons than what you’ll see from technology,” he said.
