Jim Cramer on 'one of the best' earnings seasons 'we've seen in ages'

Earnings season will come to a close next week and many corporations have pleased Wall Street with the numbers they’ve posted thus far, CNBC’s Jim Cramer said Friday.

Last quarter was “one of the best we’ve seen in ages,” likely because expectations were already lowered amid the ongoing health crisis, he said.

“If you find yourself wondering why stocks can keep roaring when we’re at an insane number of Covid infections, the answer’s simple,” the “Mad Money” host said. “To paraphrase James Carville, it’s the earnings, stupid. Big business is making a ton of money right now. Frankly, it’s not that complicated.”

The Dow Jones climbed almost 400 points, or 1.37%, to a 29,479.81 close. The S&P 500 surged 1.36% to a record close of 3,585.15 and the Nasdaq Composite moved 1% higher to 11,829.29. The major indexes powered through a slightly volatile week, buoyed by encouraging vaccine research news in the fight against the pandemic.

Meanwhile, the U.S. continues to set record daily coronavirus case counts and hospitals across the country are saddled by growing hospitalization rates.

“If you’re more worried about the virus than encouraged by the vaccine, next week will be pivotal for you because we hear from some major national retailers and I think they’ll have a surprisingly positive story to tell,” Cramer said.

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[mrpmj]

I bought Amazon, Apple, Facebook, Microsoft, Wells Fargo, McDonalds, Nvdia, Zoom, Netflix, Docusign

[raqcem]

I CANT BELIEVE HE IS TALKING ABOUT NIO!!! WOW HOW FAR WE HAVE COME!

I almost sold my thousands of shares when it was dipping below 3, bought more, regretted at 2, was really upset and depressed when it went to $1.19...

and here we are today.

GO NIO GO

[kalef]

POOR MAN'S RECESSION, another cycle of spreaaaading that wealth gap. I'm excited to be able to at least put a few thousand into stonks

[Nick_Cowlesb]

Nvidia gunna pass $1, 000 in another year or two.

[bagondreamer]

really isn't one of the best earnings seasons lmao, analysts sandbagging estimates so that everyone can beat

[PosiP]

As an employer, this COVID thing has helped us get rid of people who didn't want to work. We figured out how to operate with half the people, that's why we are making money. New people hired are working 10 hours for every 8 hours we pay them when they work from home. it's good.