Prominent Market commentator Jim Cramer argued for stock selection versus indexing, saying days like Thursday show the potential payoff of picking winners.
“On the busiest day of earnings season, the day we get numbers from most companies in one sitting, I find the whole day to be one huge celebration of the ingenuity of executives and their teams,” Cramer said after to a CNBC report. “It’s a validation not only of how good our companies and CEOs are, but of the very concept of stock selection versus indexing.”
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Cramer also said in a week of big earnings reports, there’s no harm in putting stocks on the shopping list and waiting for earnings-related swings to cool down.
Price promotion: U.S. markets soared on Thursday, with all major indices gaining over 1.5% as strong tech earnings overshadowed investor worries about a slowing economy. Positive results out Metaplatforms InC META coupled with those of Amazon.com, Inc. AMZN And alphabet inc GOOD Google led the Nasdaq Composite to post its biggest one-day percentage gain since mid-March, according to a Reuters report.
The SPDR S&P 500 ETF Trust SPY closed 1.99% higher during the Invesco QQQ Trust Series 1 QQQ rose 2.72% on Thursday.
In the meantime, House Speaker Kevin McCarthy Demands reportedly escalated on Thursday President Joe Biden and Democrats solve the debt ceiling crisis by accepting the Plan passed by House Republicans.
“There’s going to be a lot of reversals in this market, especially if the debt ceiling isn’t extended in time, so you’ll get your chance,” Cramer said.