- On Thursday, CNBC’s Jim Cramer explained why the market swings up and down on hope and fear.
- After visiting a new Chase branch in a rundown neighborhood in Philadelphia with JP Morgan CEO Jamie Dimon, Kramer felt optimistic about the state of the economy.
CNBC’s Jim Cramer said Thursday that the market’s recent volatility is a reflection of public sentiment swinging back and forth between optimism and fear.
“Bottom line: We have a schizophrenic market where every local surge of confidence is crushed by the next national or international fear, which leads to another round of confidence. Sometimes all in one day,” he said.
Cramer pointed to his interview with JPMorgan Chase CEO Jamie Dimon, who gave plenty of reasons to worry about uncertain macro factors like Russia, Ukraine, oil, gas, migration, trade and China. Part of the interview originally aired on CNBC’s “Halftime Report,” while others aired on CNBC’s “Mad Money.”
But there are reasons for optimism.
Sectors such as agriculture and oil and gas have provided bright spots, Cramer said. He also pointed to tech giant Nvidia, whose stock jumped 14% after a positive quarter and a positive outlook on artificial intelligence.
Cramer was optimistic after visiting with Dimon a new Chase branch opening in an underserved part of Philadelphia. He came away from the visit feeling curious about the area’s future.
“If Chase can help pull in a disadvantaged neighborhood, we’re in a better place than Wall Street is willing to believe,” he said.
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