Cramer says ‘there’s a technical rebound coming’ but it may be short-lived

Investing

Jim Cramer on CNBC’s Halftime Report.

Scott Mlyn | CNBC

CNBC’s Jim Cramer said Friday the coronavirus-slammed stock market is due for bounce because there has been so much selling in recent weeks.

“I think there’s a technical rebound coming,” Cramer said on “Squawk Box.” “I don’t know how long it will last because I think people are very worried.”

Cramer later said on “Squawk on the Street” that the stock market is ”the most oversold we’ve ever been.”

As the “Mad Money” host was speaking, Dow futures were pointing to about a 200-point gain at Friday’s open. Shortly after Wall Street trading began, the Dow Jones Industrial Average rose about 300 points or 1.5%.

If gains were to hold by the close, the Dow would log its first back-to-back advances since Feb. 5-6, one week before its Feb. 12 record high.

Thursday’s volatility saw the Dow off 720 points, or 3%, before closing nearly 200 points, or 0.95%, higher.

Heading into Friday, the Dow — down over 13% for the week — was tracking for its worst weekly loss since the 2008 financial crisis. Despite Thursday’s gain, the Dow was still 32% below last month’s record highs.

Articles You May Like

China’s August retail sales miss forecast while investment slump deepens, piling pressure on Beijing
25 years after 9/11, the U.S. starts rolling back travel restrictions, from liquids to gate access
Car ownership costs an average of $5,851 a year on top of auto loan payments, analysis finds
College sticker prices keep rising. Why many schools are still under financial strain
Social Security COLA for 2027 may be 3.5% to 3.6%, new estimates show — the highest in 3 years

Leave a Reply

Your email address will not be published. Required fields are marked *