CNBC’s Jim Cramer on Monday looked back at the past three months, picking out positives in a chaotic stretch for the market.
“For once, good news was actually good news and interesting,” he said. “The next time you start to feel horrible about the state of the world, remember that miracles can still happen — at least in the stock market’s third quarter.”
First, Cramer discussed the leadup to the Federal Reserve’s 50 basis-point rate cut, saying the economy managed neither a hard nor soft landing — instead, there was “no landing at all.” The economy continued to grow, Cramer said, while inflation declined and unemployment rose. He added that the central bank set the stage for a substantial rate cut so they could make the move without sending Wall Street into a panic.
The market also broadened out after Big Tech had dominated for months on end, Cramer said. He noted how numerous sectors were able to have “their day in the sun,” including banks, utilities, retail, health care, housing and transports.
And despite the tumult in the leadup to a divisive presidential election, Wall Street “chose to ignore the drama,” he said. He noted that investors didn’t react severely when Vice President Kamala Harris replaced President Joe Biden on the Democratic ticket or after the attempted assassination of former President Donald Trump.
“The months of July, August, September gave us some outstanding returns,” Cramer said. “Not only that, but the notorious month of September, traditionally among the worst months of the year, actually delivered some terrific results.”
