Kudlow: 'long term investors should think seriously about buying these dips'

Investors who have long time horizons should continue to take advantage of the stock market's pullback due to coronavirus fears, National Economic Council Director Larry Kudlow told

CNBC on Friday.  "Long-term investors should think seriously about buying these dips," Kudlow, President Donald Trump's top economic advisor, said on "Squawk on the

Street." Kudlow, formerly a longtime CNBC commentator, said he believes it is smart investing strategy because the U.S. economy is "sound," despite the market's recent

steep declines and concerns of potential coronavirus-induced recession.  Kudlow's comments come as stocks continue to fall on Friday even after a strong February jobs report.  The Dow

Jones Industrial Average dropped about 500-points, or just below 2%, in morning trading. The S&P 500 and Nasdaq Composite fell 2.07% and 2%, respectively. Kudlow made similar comments on

CNBC last week, arguing that "the virus story is not going to last forever." Since he first said on Feb. 25 that long-term investors should "very seriously" think about

buying the dips in stocks, the Dow has lost another almost 1,000-points as of Thursday's close. Friday's early declines extended a deep rout for stocks, adding to the Dow's

Thursday loss of 969-points. However, the Dow was actually tracking for about a breakeven week because of huge gains on Monday and Wednesday. Kudlow defended his bullish call by pointing to

similar advice espoused last week by legendary investor Warren Buffett, who said the market's declines were positive for long-term investors.  "Most people are savers, they should

want the market to go down. They should want to buy at a lower price," Buffett said on "Squawk Box" on Feb. 24. The so-called Oracle of Omaha famously wrote a New York Times

op-ed in the middle of the financial crisis that explained why he continued to buy stocks.  "Be fearful when others are greedy, and be greedy when others are fearful," Buffett

wrote at the time. CNBC's Jim Cramer, who used to host a CNBC show with Kudlow, said Thursday he also agrees with Buffett's advice for investors who are trying to navigate the

market volatility.  "He was dead right in 2008, even if his timing — well, let's just say he was ill-advised — maybe left a little bit to be desired. I think he's going to

turn out to be right this time, too," Cramer said on "Mad Money." "Just, please, if you're going to buy, buy gradually on the way down," Cramer added Thursday.

_— CNBC's __Yun Li__ contributed to this story._