Markets

Cramer on coronavirus-driven turmoil: Stocks to hold and 'still not too late to own some gold'

Key Points
  • CNBC's Jim Cramer said Wednesday there are few stocks worth holding in the coronavirus-driven market volatility.
  • In tweets before 5 a.m. ET, the "Mad Money" host cited "drugs, utilities and the highest of growth stocks and not much more."
  • Cramer also tweeted, "Still not too late to own some gold. Have good cash position."
Traders work on the floor of the New York Stock Exchange during the opening bell on March 10, 2020 in New York.
Timothy A. Clary | AFP | Getty Images

CNBC's Jim Cramer said Wednesday there are few stocks worth holding in the market volatility being driven by concerns about the continued global spread of the coronavirus.

In tweets before 5 a.m. ET, the "Mad Money" host said, "Remember, you want, into the sell-off, drugs, utilities and the highest of growth stocks and not much more. Too much economic activity being squelched by this."

Dow futures on Wednesday were pointing to an opening loss of about 900 points, which most of Tuesday's snap-back rally. On Monday, the Dow Jones Industrial Average tanked over 2,000 points, or nearly 7.8%.

As of Tuesday's close, the Dow was off 15% from last month's record highs, well below correction levels of at least a 10% drop from recent 52-week highs.

Despite the recent strength in gold as a safer alternative that stocks, Cramer said, "Still not too late to own some gold. Have good cash position."

Last week, gold surged 6.75% in its best weekly performance since early 2016. Gold on Monday traded slightly above $1,704 per ounce for highs dating to late 2012.

However, gold broke a three-session winning streak Tuesday, falling nearly 1%. Gold was rather steady early Wednesday.