Tom Lee, Fundstrat Global Advisors

Scott Mlyn | CNBC

(This story is for CNBC Pro subscribers only.)

Tom Lee of Fundstrat Global Advisors said Wednesday he still believes investors should position their portfolios toward cyclical stocks, despite rising concern over the intensity of the coronavirus pandemic.

“It’s a very tough spot, and we’ve been sticking with these things and it’s been really painful, but I still think that’s the right way to tilt,” Lee said on “Halftime Report,” as U.S. stock indexes fell sharply.

Investors were grappling with an uptick in Covid-19 cases across the U.S., as well as in Europe, where leaders are weighing tougher restrictions on business to curb rising infection rates. After Lee spoke Wednesday, Germany announced that bars and restaurants have to close beginning Monday.

Originally published at CNBC

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