CNBC's Jim Cramer on Tuesday urged investors to not overreact to Wall Street's recent declines, suggesting the weakness was overdue and could eventually turn into an opportunity to buy quality stocks at discounts.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"After a day like today, all you can do is patiently hunker down and wait for lower prices," Cramer said onAdditional declines may be on the horizon, as investors grapple with rising oil prices and higher bond yields tied to, Cramer said. The market has marched higher since late October, and he said eventually a pullback was in order.
In assessing the factors behind the declines this week, Cramer indicated he's not overly concerned with the implications for stocks over the longer term. "Yes, we've got higher rates, but the impact on the economy is not profound," Cramer said."Meanwhile, the impact on the market is what you'd usually expect: People pay less for stocks when rates go up. We've just kind of forgotten that happens."Alphabet quietly hits new record in down market, forming bullish 'cup-and-handle' chart pattern'Very, very attractive': Strategist names 2 under-the-radar U.S.
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