Markets are applauding a European Central Bank move to buy sovereign debt in secondary markets to lower borrowing costs in countries like Italy and Spain, although investors should not adjust their strategies over such news, said John Bogle, founder of The Vanguard Group.

The S&P 500 broad stock index hit highs not seen since May 2008 on the news, but investors should stay put and focus on long-term strategies.

"I think the market generally takes these things far too seriously," Bogle told CNBC. "When the ECB chairman says he will do whatever it takes, that's like me saying that I'll do whatever it takes to beat Tiger Woods the next time we go out on the course," Bogle told CNBC, referring to European Central Bank President Mario Draghi's recent promise to do "whatever it takes" to save the euro, comments widely interpreted by markets as a signal that bond buying was coming.

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"These are stopgap solutions, which is really all we can ask for."

Stocks have risen on anticipation of the ECB bond-buying plan, and those considering getting into stocks today must now anticipate that gains may have already been priced in and profit-taking could ensue.

A better plan, Bogle said, would be to invest long-term and stay there.

"The questions that investors should make is if there is anything here that should cause me to change my long term plan, a well-diversified, well-balanced plan that meets my objective? Why should I change, and if I should change, what should I change?"

Other noted investors welcomed the European Central Bank news but added they were keeping an eye on the U.S. labor market.

"The news out of Europe is boosting the market," said Jack Ablin, chief investment officer at Harris Private Bank, according to CNNMoney.

"It seems like investors were skeptical of the ECB being able to pull off unlimited bond buying authority, so that's really helping."

U.S. jobless claims, meanwhile, dropped by 12,000 to 365,000 in the week ended Sept. 1, the Labor Department reported in Washington, outpacing economists' calls for a drop to 370,000, according to Bloomberg.

"We've been seeing incremental improvement in the U.S. economy, and it would be great to get two strong jobs numbers in a row," Ablin added.

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