Tom Lee, Fundstrat Global Advisors
Scott Mlyn | CNBC
Tom Lee is not surprised U.S. stock indexes have been rattled by the recent rise in bond yields, but sees Thursday’s pullback as an opportunity for long-term investors.
“It’s been rocky, and stocks are due for corrections, and I don’t think we should be surprised that it’s been bumpy,” the co-founder of Fundstrat Global Advisors said on “Closing Bell.”
Lee’s comments came after the tech-heavy Nasdaq Composite declined 2.1%, falling into correction territory on an intraday basis as it’s down over 10% from its recent-52 week high. The Nasdaq also entered negative territory for the year.
The S&P 500 finished lower by 1.3% Thursday while the Dow Jones Industrial Average dropped 345.95 points, or 1.1%. The 30-stock Dow had sank over 700 points at one during Thursday’s volatile session.