U.S. stocks closed lower Monday with the worst losses having occurred in the banking sector, as investors worried the Basel III capital requirements would provide another blow to the industry.
To make matters worse, European Central Bank head Mario Draghi gave a speech that did little to support how the region’s sovereign debt crisis could be solved. But Cramer thinks investors should stop waiting for the day when someone will come along and rescue all entities caught in Europe’s debt woes.
Hope, Cramer said, should never be a part of the investing equation. Instead, investors should look for stocks with upside, such as Consolidated Edison , Dominion Resources or Duke Energy . All of these stocks, by the way, offer juicy dividend yields. Read on for Cramer's Top Dividend Stocks 2011.