CNBC’s Jim Cramer said Thursday’s gains were due to a string of strong corporate earnings.
“I’ve said it over and over again, but what matters in earnings season is the company and the CEO who has the brains to lead it,” he said.
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Investors have the latest series of earnings and US economy grew Q4 beat expectations by 2.9%.
Contrary to what many believe, economic data did not help the trading session rise, Cramer said.
“That’s classic misdirection play. Totally wrong. It’s outdated. It doesn’t count. Luckily we’re in earnings season.”
He looked at some examples of company news and earnings reports that boosted Thursday’s earnings.
“It’s very confusing if you’re on negative autopilot all the time. [Federal Reserve]”If you look at individual companies, these moves shouldn’t be too surprising,” Cramer said.
