Cramer's strategy for the sell-off: 'Cash is an asset' until we see lower prices

Scott Mlyn | CNBC

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As Wall Street's worry grows over increasing coronavirus cases in the U.S., CNBC's Jim Cramer said Wednesday that investors should wait for some defensive stocks to get cheaper before adding them to their portfolio. 

"I think there are places to go to be defensive. I want them to come down a little bit," Cramer said on "Halftime Report."

Cramer's advice came as the Dow Jones Industrial Average dropped more than 700 points amid concerns that Covid-19 case spikes in states such as Florida and Texas could impede the U.S. economy's recovery from the pandemic-induced damage.