Wall Street has almost made it through a “hell week” of stock selling and investors can begin to pick through the rubble, CNBC’s Jim Cramer said Thursday.
U.S.-China trade turmoil and Uber’s looming IPO laid out a tough week for the markets, and now the last trading day of the week is here.
“The great thing about today’s list of winners is that if they can survive hell week, they can survive just about anything,” the “Mad Money” host said.
The markets took a beating in morning trading, but President Donald Trump eased the pain by suggesting that the United States and China could very well come to a trade agreement, Cramer said. The Dow Jones Industrial Average lost nearly 139 points, while the S&P 500 dipped 0.3% and the Nasdaq Composite fell 0.41% during Thursday’s session.
Without progress on negotiations, tariff rates on Chinese goods are set to increase at midnight as Trump proposed over the weekend — taxes could rise from 10% to 25% on $200 billion worth of imports.
The Dow has shed more than 650 points so far this week, while the S&P 500 has fallen about 2.5% and the Nasdaq is down 3.1%. Each of the major indexes are on pace for their worst week of trading since December.
“When a sell-off goes into its third day, the buyers just stand there and absorb the market’s body blows. And then stocks start rallying like nobody’s business — just a handful,” Cramer said. “That’s what we saw from the morning right through the afternoon: the buyers simply couldn’t be kept down from a handful of stocks.”
The host perused the market for winners as hell week nears its final day: