Corporate earnings this week will decide the fate of the stock market’s run to record highs, “Mad Money” host Jim Cramer said Monday.
And “if it’s going to decide the fate, I think it’s gonna be good because we have so many top-quality companies reporting this week,” Cramer said on CNBC’s “Halftime Report.”
U.S. stocks fluctuated Monday ahead of a slew of earnings reports. Netflix, Goldman Sachs, Bank of America, Qualcomm and eBay are just a few of the companies scheduled to release quarterly results this week.
On Friday, stocks rose to record levels after JPMorgan Chase, Citigroup and Wells Fargo all posted better-than-expected profits.
The Dow Jones industrial average and S&P were coming off their 25th record closes of 2017 on Monday, finishing 21,637 and 2,459 respectively. The Nasdaq was riding a six-month winning streak.
“These are the stocks that have just been percolating up,” he said.
Regarding the Trump administration and Congress, Cramer said Wall Street is too focused on it.
“(The Dow) is still kind of a classic gauge of the big international stocks. And I think it’s the rest of the world that’s doing really well. I think people are really too focused on gridlock here.”
Cramer: The fate of the stock market's run to record highs will be decided this week