July 21, 2024

Jim Kramer says Yellen’s interest rate comments have ‘stimulated the market’

2 min read

Jim Kramer of CNBC blamed the stock market crash on Monday for sending a message from the head of the U.S. Treasury.

Sunday, Secretary Janet Yellen Bloomberg told the News Raising interest rates If the Biden administration’s big spending plans help trigger some inflation in the expanding economy, it will benefit the country.

“The possibility of higher interest rates stimulated the market,” Kramer saidCrazy money“Reacts to the mixed session on Wall Street.

The Dow Jones Industrial Average It fell about 126 points, or 0.36%, to 34,630.24. The S&P500 Ended 0.08% lower at 4,226.52. The Nasdaq hybridHowever, it improved 0.49% from a winner to 13,881.72.

Yellen, former Federal Reserve Chairman Told Bloomberg President Joe Biden’s $ 4 trillion recovery package could cost as much as $ 400 billion each year, but he argued that any increase in consumer prices would slow down next year.

“It simply came to our notice then [do] The so-called ‘hit auctions’ everywhere refer to “when traders are willing to sell a share below the buyer’s auction price.

This helped to bring down the shares of the steelmaker Nukar, One of the best profits at the S&P 500 this year. Consumer stocks rose to $ 107.37 from their lows.

“Sellers drowned buyers and knocked out all auctions,” down from $ 110 last week to $ 105.51, Kramer said.

“I think this is a fantastic buying opportunity. There are many years to the nugget, and it’s great to be there [business] The cycle is going on, “he said.” But the stock closed more than 1%, which put me in a resistance camp. “

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