CNBC’s Jim Cramer said Thursday’s rally was thanks to a batch of the company’s strong earnings.
“I’ve said over and over again that during earnings season, what matters are the companies and the CEOs who have the savvy to direct them,” he said.
Stocks rose on Thursday as investors digested the latest batch of earnings and new GDP data showing that the US economy grew at a higher-than-expected 2.9% in the fourth quarter.
Contrary to what many might think, Cramer said, economic data did not drive the trading session higher.
“This is a misleading classic — it’s all wrong. It’s old. It doesn’t count. We’re in earnings season, for heaven’s sake,” he said, adding, “The stocks did so well today because many of them delivered good numbers.”
Here are several examples of corporate news and earnings reports that boosted Thursday’s gains:
“It’s so confusing if you’re always on negative autopilot because you only care about [Federal Reserve]. “If you watch the individual companies, these moves are less surprising,” Cramer said.