Should You Buy Blue Chip Stocks Right Now?

The stock market is swooning these days. The Dow Jones Industrial Average (DJINDICES: ^DJI) market index is down 13% year to date as investors weigh the long-term impact of the government's various measures to slow down surging inflation. Some of the bluest blue chip stocks on the market have posted double-digit negative returns this year. For example, Walt Disney (NYSE: DIS) is down 38%, Nike (NYSE: NKE) has lost 34%, and Cisco Systems (NASDAQ: CSCO) investors have taken a 31% haircut.

So the wisdom of the masses suggests that even the safest stocks on the market should be avoided right now. However, I see a massive buying opportunity here. Blue chips are known for their long-term survival skills, and this is not their first rodeo. Buying these stumbling giants today should set you up for market-beating returns in the long run.

You know the drill. Building wealth for the long haul means buying high-quality companies, investing more over time, and shrugging off short-term volatility. Following this healthy investing strategy, you'll find some of your favorite stocks on fire sale from time to time. It's a good idea to put some of your investing capital to work when you see these deals.

Source Fool.com