Jim Cramer says he is becoming more and more constructive with stocks

Read Time:1 Minute, 53 Second

CNBC’s Jim Cramer said on Thursday that after weeks of caution, his views on the stock market have become more constructive and urged other investors to “not be cynical.”

The comment was released after a broad rally on Wall Street. The Standard & Poor’s 500 Index recorded its biggest gain since March, with an intraday gain of 1.7%. The blue-chip Dow Jones Industrial Average rose 534.75 points, or 1.6%, while the Nasdaq index, which is dominated by technology stocks, rose 1.7%.

Kramer said: “Some people will say that today’s move is just a relief rally after so many negative emotions. Others may say this is a joke that will attract people and cause them to lose their wealth.” “You can say that this is a profit rebound after Bank of America, UnitedHealth Group and Morgan Stanley released excellent data closer to the truth.”

However, he added, “I think it’s bigger than that.”

“This rebound is about common-sense recognition that as the company turns challenges into opportunities, our current problems can be resolved,” Kramer said, referring to supply chain issues such as semiconductor shortages and port congestion. Other economic problems include companies that are struggling to fill vacant positions.

“These bears are so cynical and so tired that they forget the lessons of history. Time and time again, we have imminent disasters, and as people take action to stop them, these disasters gradually disappear,” Kramer said, acknowledging him Be cautious about the market outlook in September and October.

Now that the seasonal weakness has appeared in the rearview mirror, Kramer said he has become “more constructive.” He pointed out that the Biden government’s efforts to ease the congestion in West Coast ports are one of the reasons for long-term optimism.

“I think the problems that plague this economy are just a prelude to nothingness. They are not a harbinger of disaster,” he said. “I urge you to imagine things that seem difficult to handle as manageable…. Let us all be less cynical, so that we can work hard to make more money for all those who don’t have enough money.”

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