Billionaire businessman Ken Langone talks about stocks he likes, including JP Morgan and GE
Billionaire businessman Ken Langone told CNBC that he used Tuesday's stock market drop as a buying opportunity.

"Where else can you go to get some kind of a decent rate of return, than equities," Langone said. "Balance sheets are in pretty good shape. I think the economy has got 1.5% to 2% in it next year."

U.S. stocks were strongly higher on Wednesday, tracking to break a three-session losing streak.

"Yesterday, I was adding to my positions," Langone, co-founder of Home Depot , said on "Squawk Box" on Wednesday. "I have so much Depot it's not prudent" to buy more.

"I added to my J.P. Morgan position," he continued.

Shares of the $412 billion New York banking behemoth fell nearly 1.3% on Tuesday. But they're up nearly 35% in 2019, hitting an all-time high last week.

Langone also said he added to his Parker-Hannifin position.

Cleveland-based Parker-Hannifin, with a stock market value of more than $25 billion, makes engineering components and technologies used in products in a wide range of industries, including aerospace, electronics and power generation.

Langone said Parker-Hannifin is "extremely well run," and the company has raised its dividend every year for 63 years. In fiscal year 2019, the company increased its annual dividend payout by 13%.

Shares of Parker-Hannifin, about 5% shy of early 2018 all-time highs, are up more than 30% in 2019. The stock dropped for five straight sessions as of Tuesday's close.

Also in the industrial sector, Langone said he likes General Electric . He said he got back into GE, where he once served as a director, earlier this year, following billionaire investor Stanley Druckenmiller into the stock.

"Stan made a big bet," said Langone, also founder of investment bank Invemed Associates.

Druckenmiller told CNBC on Aug. 15 that he brought GE shares during the stock's double-digit plunge brought about by a report from Madoff-whistleblower Harry Markopolos accusing the conglomerate of an Enron-like fraud.

The company has denied those accusations.

"I think Culp is doing a hell of a job," Langone said Wednesday, referring to Larry Culp, the third CEO of embattled GE in a little over two years. Culp was a GE board member before getting the top job. He was previously CEO of Danaher.

After spending time with Culp, Langone said he was persuaded to buy back in.

That's a turnaround from comments in December 2018, a couple months after Culp was appointed, when Langone called the company's performance an unfortunate "disaster" and a prime example of "bad governance."

Shares of GE, while down about 80% from all-time highs in 2000, are up about 45% in 2019, recently hitting several new 52-week highs. As of Tuesday's close, the stock was on a five-session losing streak.

Boston-based GE, at one time America's most valuable company, now has a stock market value below $100 billion.