It was a brutal day for Wall Street on Tuesday as stocks posted their steepest one-day decline of the year and finished in negative territory for the fifth-straight session.
In turn, some criticized “Mad Money” host Jim Cramer for recommending certain stocks, even as the underlying companies aren’t exactly thriving in this environment. From a sluggish U.S. economy to Europe’s ongoing debt crisis and ominous technical indicators all around, Cramer understands the many negatives plaguing the market.
“Given that we were at four year highs just a few sessions ago, you could easily argue that we aren't done going down,” Cramer surmised. “Given the remarkable run we have had — the best first quarter since 1998 and one of the greatest sustained runs from the September bottom — to say that we are due for a decline is an understatement.”
Nevertheless, Cramer still stands behind his recommendation of certain growth stocks, such as Apple and Starbucks , among others. Stocks of companies with great growth stocks should be bought on a pullback, courtesy of the recent declines, he added.
Read on to learn why Cramer thinks Apple is the "greatest growth stock of our lives."
When this story was published, Cramer’s charitable trust owned Apple.
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