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Jim Cramer Says There Are Better Places to Be Than the Banks or Oil

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Stocks wobbled Tuesday after Federal Reserve Chairman Jerome Powell said the U.S. recovery would be weak without additional fiscal support from the government.

“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said in a virtual speech hosted by the National Association for Business Economics. “By contrast, the risks of overdoing it seem, for now, to be smaller. Even if policy actions ultimately prove to be greater than needed, they will not go to waste.”

The Federal Reserve has stressed the need for the U.S. to contain the spread of the coronavirus and emphasized further fiscal stimulus from the U.S. government to aid in the recovery.

Powell's speech comes as Treasury Secretary Steven Mnuchin and House Speaker Pelosi were set to resume stimulus talks on Tuesday.

“The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods,” Powell said.

Watch the video above for Jim Cramer's thoughts on the market and where he would put money to work Tuesday. 

 You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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