Shares are worth for traders who assume the financial hit from the coronavirus is momentary, Oakmark Funds companion Invoice Nygren instructed CNBC on Tuesday. 

"We expect shares are actually low cost when you consider, as we do, that the financial system goes to finally get well, as will the P/E multiples," the worth investor stated on "Quick Cash."

Nygren's feedback Tuesday got here after one other historic day for shares, with the Dow Jones Industrial Common rising greater than 11% to document its greatest day in 87 years. It comes throughout a risky interval for shares since February highs as Wall Road responds to the financial shock from the coronavirus. 

As traders contemplate which equities to purchase, they need to make an vital distinction between one-time occurrences for an organization and modifications to long-term earnings estimates, Nygren stated. 

"Lengthy-term modifications then it's important to take into consideration making use of a P/E a number of to these modifications," he stated. Traders typically use price-to-earnings ratios to find out the relative...