CNBC’s Jim Cramer on Wednesday said that investors urging traders to exit the market while they still can are about a year too late.
“I’m done with all the ‘now is the time to get out’ calls — where the heck were you 10 months ago when it mattered? It’s not just the post-Covid kiss of death, it’s multiple kisses, multiple fatalities,” he said.
Stocks rose slightly higher on Wednesday as they fought to recover after the major indexes saw the biggest single-day drop in over two years on Tuesday. Investors also are eyeing the Federal Reserve’s meeting next week, where it’s expected to raise interest rates by 75 or 100 basis points. A basis point is 0.01 percentage point.
While persistent inflation and the Fed’s battle against it could further wreck the market, the declines are nothing new, the “Mad Money” host said.
According to Cramer, while there are industries that have seen huge declines this year, such as tech, there are also lower-profile bear markets that show the market declines have been far-reaching.
Auto companies have seen losses this year, as have retail stocks, he pointed out. Companies with business in home renovation have also struggled, while telecommunications and entertainment stocks have also cratered, he added.
“We’re already nearly a year into this decline. I just wish the so-called professionals would act like it,” Cramer said.