Jim Cramer Says If You Don't Own Any Bank Stocks "You Can Buy Wells Fargo"

Wells Fargo & Company (NYSE:WFC) is one of the one of the stocks Jim Cramer commented on, along with the recent Fed meeting. Recommending the stock, Cramer remarked:

“As I mentioned yesterday, the banks are still looking good as short rates go down. They borrow at the short end of the yield curve and then, which fell by the way because of the rate cut, and then they lend long, much higher. When short rates drop and long rates rise, well, I gotta tell you, that’s when you buy the bank stocks. At tomorrow’s noon CNBC Investing Club meeting, I’m going to talk about this. I’m going to tell club members that I intend to stick with the banks even though we have huge profits. If you don’t own any, then still you can buy Wells Fargo, which is stalled here in the $82 range.”

Wells Fargo & Company (NYSE:WFC) is a global financial services firm that provides banking services, investment products, mortgage lending, and other financial solutions.

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Disclosure: None. This article is originally published at Insider Monkey.