Jeff Kleintop of Charles Schwab and Tom Lee of Fundstrat Global Advisors discuss whether it's too early to call a bottom for the markets, and what steps investors should be taking now. Investors who have long time horizons should continue to take advantage of the stock market’s pullback due to coronavirus fears, National Economic Council Director Larry Kudlow told CNBC on Friday.
“Long-term investors should think seriously about buying these dips,” Kudlow, President Donald Trump’s top economic advisor, said on “Squawk on the Street.”
Kudlow, formerly a longtime CNBC commentator, said he believes it is smart investing strategy because the U.S. economy is “sound,” despite the market’s recent steep declines and concerns of potential coronavirus-induced recession.
Kudlow’s comments come as stocks continue to fall on Friday even after a strong February jobs report.
The Dow Jones Industrial Average dropped about 500-points, or just below 2%, in morning trading. The S&P 500 and Nasdaq Composite fell 2.07% and 2%, respectively.
Kudlow made similar comments on CNBC last week, arguing that “the virus story is not going to last forever.”
Since he first said on Feb. 25 that long-term investors should “very seriously” think about buying the dips in stocks, the Dow has lost another almost 1,000-points as of Thursday’s close.
Friday’s early declines extended a deep rout for stocks, adding to the Dow’s Thursday loss of 969-points. However, the Dow was actually tracking for about a breakeven week because of huge gains on Monday and Wednesday.
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