Jim Kramer said Thursday after weeks of warnings that the stock market is moving constructively and called on other investors to be “poor”.
The comments came after a wide-ranging meeting on Wall Street, in which the S&P 500 recorded its biggest jump since March and won 1.7% in the session. The blue-chip Dow Jones Industrial Average added 534.75 points, or 1.6%, while the technology-heavy Nasdaq rose 1.7%.
“Some say today’s move is a rally of relief after so much negativity, others may call it a joke of a movement that will win people’s hearts and lose their wealth,” Kramer said. “You could argue that this is a revenue rally, after the impressive numbers of Bank of America, UnitedHealth Group and Morgan Stanley, which are really closer.”
However, he added: “I think it’s bigger than that.”
“This rally is about the understanding that when companies turn challenges into opportunities, we can solve our current problems,” Kramer said, referring to supply chain problems such as the lack of semiconductors and congestion in ports. Other economic complications include companies struggling to fill vacancies.
“The bears are so naughty and tired that they have forgotten the lessons of history. From time to time disasters awaited us, and if people took steps to stop them, they would disappear,” Kramer said. its cautious market between September and October.
Now in the back window of the season’s weak period, Kramer said he’s “constructive”. He cited the Biden administration’s efforts to lighten loggias in West Coast ports as one of the reasons for long-term optimism.
“I don’t think these problems are hurting the economy. They’re not reporting a disaster,” he said. “I urge you to imagine things that seem difficult to pull off. … Let’s be indifferent to everything so we can try to make a little more money for people who aren’t enough.”