Monday, May 17

Market correction not a surprise, sell-off is chance to buy

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.

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