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Wall Street fell sharply on Monday, putting the S&P 500 index near break-even for June so far, as investors saw little reason to be optimistic about a European Union summit this week.
Expectations for the two-day summit , which starts on Thursday, are low after Germany resisted pressure for common euro zone bonds or a flexible use of Europe's rescue funds at a meeting of the region's four biggest economies last week. Markets remain sensitive to European headlines as the region's spiraling debt crisis could wreak further havoc on a slowing global economy.
The region’s debt woes have prompted so many stock market declines that many investors are ready to just sell everything, said Jim Cramer on CNBC’s “ Mad Money .” Cramer thinks that might be a mistake, though. He cited several reasons he thinks investors should stay in the game.
To start, averting a Lehman Brothers-type event is the only thing European policymakers have accomplished thus far, Cramer said. That’s OK, though. As long as the Europeans toil with their debt problems, Cramer said investors can count on dividend-paying stocks with “domestic security,” meaning the underlying company has no exposure to Europe.
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