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Bank and cyclical stocks are worth buying on a dip

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The weakness seen Monday in banks and cyclical stocks will be short-lived, and investors should buy them on the dip, CNBC’s Jim Cramer said.

“When you look at the stocks that got hit today, I don’t think they’re going to stay down,” the “Mad Money” host said, noting the “countertrend rally” into stay-at-home names seen during Monday’s session “will not have legs.”

Darden Restaurants and Norwegian Cruise Lines — names that were hit hard by Covid-related restrictions — dropped 3.5% and 2.3%, respectively. Bank stocks such as JPMorgan Chase and Citigroup each fell more than 1%. Meanwhile, shares of Clorox and Procter & Gamble — two companies that outperformed early in the pandemic —…



Source cnbc.com

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