Market commentator Jim Cramer reportedly said that after the earnings announcements from two-thirds of Dow Industrials, it shouldn’t come as a surprise that the market is so high.
What Happened: “This was supposed to be a bad earnings season, but it’s been pretty darn good,” Cramer said on Monday, according to a CNBC report.
He pointed out that there have been a lot of beats but not many notable misses, and the market is consistently reflecting that.
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U.S. markets ended in the red on Monday as market participants weighed in the news of JPMorgan Chase & Co JPM taking over First Republic Bank FRC and displayed cautiousness ahead of the Federal Reserve’s interest rate decision this week.
The SPDR S&P 500 ETF Trust SPY closed 0.1% lower while the Invesco QQQ Trust Series 1 QQQ lost 0.11% on Monday.
Winners: In a wide-ranging group of winners, Cramer highlighted standout names like Honeywell International Inc HON, Microsoft Corp MSFT, and JPMorgan Chase.
Talking about Honeywell, Cramer said the company could be one of the great stories of the entire quarter so far, as its aerospace business accelerates and refining chemicals business improves. “But I don’t want to bury the lede: You buy this one for aerospace,” he said, according to the report.
Lauding Microsoft, Cramer said the company has stolen the earnings season along with Honeywell, given impressive numbers from its cloud divisions as well as its business software and gaming divisions.
Cramer also noted that JPMorgan “showed it can make money in any environment” by becoming a “vacuum for deposits fleeing the regional banks.”
Image and article originally from www.benzinga.com. Read the original article here.