US and Japanese stocks plunge, time "to nibble at some stocks"

It was not a merry Christmas for investors.

On Monday, the S&P 500 plunged 2.7 percent while the STOXX Europe 600 fell 0.5 percent.

Then on Tuesday, the Nikkei 225 dived 5.0 percent, leaving it 21 percent lower than its high in early October and confirming a bear market for the index.

While the S&P 500's decline on Monday left it 19.8 percent lower than its record close on 29 August, some investors remain undaunted.

On Friday, Leuthold Group chief investment strategist Jim Paulsen told CNBC that the market is "getting close to the bottom".

On Monday, David Tepper, president of Appaloosa Management, told CNBC that the sharp sell-off presented an opportunity "to nibble at some stocks".