Strong earnings from Tesla, United Rentals helped lift market

Strong earnings from Tesla, United Rentals helped lift market

Jim Cramer says investors should be less panicked about the Federal Reserve's interest hikes

CNBC’s Jim Cramer stated that Thursday’s rally is because of a batch of sturdy firm earnings.

“I’ve stated time and again that in earnings season, what issues is corporations and the CEOs with the smarts to direct them,” he stated.

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Stocks rose on Thursday as traders digested the most recent batch of earnings and new gross home product knowledge displaying the U.S. economy grew by a higher-than-expected 2.9% within the fourth quarter.

Cramer stated that opposite to what many would possibly imagine, the financial knowledge did not drive the buying and selling session’s rallies.

“That’s a basic misdirection play — simply completely unsuitable. It’s stale. It does not depend. We’re in earnings season, for heaven’s sake,” he stated, including, “Stocks did effectively as we speak as a result of a lot of them delivered good numbers.”

He went over a number of examples of company information and earnings experiences that fueled Thursday’s positive factors:

“It’s very complicated for those who’re on everlasting detrimental autopilot since you solely take note of the [Federal Reserve]. If you watched the person corporations, these strikes can be rather a lot much less shocking,” Cramer stated.

Jim Cramer credits strong earnings from Tesla and United Rentals for helping drive Thursday's gains

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