- Larry Kudlow told CNBC that people should immediately buy into stocks as the market sheds value.
- 'Long-term investors should think seriously about buying these dips," Kudlow said on CNBC.
- Stocks, however, continued their plunge on Friday amid escalating fears of coronavirus's economic impact.
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If there's one piece of financial advice the White House wants Americans to have right now, it's to buy the dip.
Larry Kudlow, a top economic adviser for the Trump administration, said that investors seeking to gain an edge in the market should jump in now while it's taking a hit.
"Long-term investors should think seriously about buying these dips," Kudlow said on CNBC, and he expressed confidence that the American economy was "sound."
Stocks, however, continued their plunge on Friday amid escalating fears of coronavirus's economic impact. The Dow Jones industrial average fell almost 900 points at its intraday low on Friday afternoon. The S&P 500 and Nasdaq Composite also traded sharply lower through the end of the day.
Kudlow, the head of the National Economic Council, first encouraged people to buy the dip - or to purchase shares when their prices have taken a hit - on Feb. 25 in an interview with the Washington Post. And he made a similar suggestion on CNBC that same day. That week saw $6 trillion in wealth lost in the stock market.
The Trump administration is scrambling to shore up confidence in the economy, a key element in the president's pitch for re-election. The White House is reportedly considering aid that could include tax relief for airline companies and other industries severely impacted by the coronavirus.
Trump signed an emergency $8.3 billion spending package on Friday to combat the coronavirus and it includes funding for public health progams, vaccine development, and medical supplies.
As of Friday, the coronavirus has infected more than 100,000 people in at least 93 countries beyond China, its point of origin. The death toll has surpassed 3,400 people, mostly in China. In the US, there are more than 240 reported coronavirus cases and 11 people have died.