Jim Cramer Targets 'Clueless' Buyers as Stocks Keep Rising

On the bright side, the S&P 500 rose yet again
By Newser Editors and Wire Services
Posted Aug 5, 2020 3:55 PM CDT

(Newser) – Stocks closed higher on Wall Street Wednesday, lifting the S&P 500 to its fourth straight gain and pulling it within 2% of the all-time high it set in February, the AP reports. Companies that rely on consumer spending, banks, industrial, and technology stocks accounted for a big share of the gains, which helped nudge the Nasdaq composite to a record high. Treasury yields and gold prices rose. In detail:

  • The S&P 500 rose 21.26 points, or 0.6%, to 3,327.77.
  • The Dow Jones Industrial Average climbed 373.05 points, or 1.4%, to 27,201.52.
  • The Nasdaq composite added 57.23 points, or 0.5%, to 10,998.40.
  • The Russell 2000 index of small company stocks gained 29.02 points, or 1.9%, to 1,546.24.

But CNBC's Jim Cramer wasn't impressed, saying "clueless" buyers are driving up the market with unfounded enthusiasm: "Sometimes the market rallies and it makes perfect sense," he said, per MarketWatch. "Then there are days like today, when I can't take how stupidly bullish this market can be."

(Read more Wall Street stories.)

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