CNBC’s Jim Cramer recommended that long-term investors put some cash to work in the broad market after Wall Street’s steep declines Tuesday.

Specifically, the “Mad Money” host suggested looking to an index fund that tracks the S&P 500, which he has long contended should be a core piece of portfolios.

“Given that it’s a good idea to keep some money in an S&P 500 index fund for your retirement, you have my blessing tomorrow morning to commit some capital,” Cramer said after the S&P 500 fell 1.9%, Dow Jones Industrial Average dropped 1.86% and tech-heavy Nasdaq lost 1.6%.

“It’s too early to buy hand over fist, but too late to sell at this point,” Cramer added.

The major U.S. equity averages slumped Tuesday as investors weighed the latest news on the newly detected Covid omicron variant, as well as Federal Reserve Chairman Jerome Powell’s comments about possibly speeding up the central bank’s reduction in asset purchases.