ORCL - Jim Cramer Says Tuesday Rally Was Driven By Nvidia Eli Lilly And Other 'Stocks Reacting Positively To Good Earnings Per Share News' | Benzinga
U.S. stocks experienced a rise on Tuesday following consecutive losses for the S&P 500 and Nasdaq.
What Happened: This positive turn occurred despite a slightly warmer-than-expected February consumer price index. As per CNBC’s Jim Cramer, the market’s gains were largely unrelated to the CPI, but instead tied to “a lot of stocks reacting positively to good earnings per share news.”
"We're getting lucky that the S & P is up like this," Cramer said.
JPMorgan CEO Jamie Dimon expressed optimism about the U.S. economy on Tuesday, suggesting the Fed should hold off on interest rate cuts until after June. While acknowledging the possibility of a recession, Dimon believes the market is pricing in a soft landing.
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Cramer echoed Dimon’s optimism, attributing positive equity movements to solid corporate earnings and ongoing interest in artificial intelligence. This was reinforced by Oracle’s (NYSE:ORCL) strong quarter, attributed to AI strength, which boosted shares by approximately 11%.
Nvidia (NASDAQ:NVDA), Eli Lilly (NYSE:LLY), and Costco (NASDAQ:COST) also saw ...