Stocks posted solid gains Tuesday and the Dow Jones Industrial Average traded above 30,000 for the first time as President-elect Joe Biden was given the go-ahead to formally begin his transition and Wall Street bet more fiscal stimulus would be forthcoming.
The Dow rose 391 points, or 1.32%, to 29,982, and set an intraday all-time high earlier of 30,116. It crossed 30,000 for the first time ever.
The S&P 500 gained 1.44% and the Nasdaq was up 1.19%.
TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke about Dollar Tree, General Electric’s latest upgrade and markets ahead of Thanksgiving.
Dollar Tree: Buy Or Sell?
Dollar Tree (DLTR) – Get Report was advancing after the discount retailer posted stronger-than-expected third-quarter earnings. Revenue rose 7.5% to $6.18 billion, fractionally ahead of analysts’ estimates. Same-store sales rose by a better-than-expected 4%, Dollar Tree said, with comparable sales at Family Dollar rising 6.4%.
Cramer said usually when a stock is up 10, it’s going to up big again tomorrow. “We saw this with Target. My instinct says that Dollar Tree has fallen so far behind Dollar General, that it’s going to have a multi-day move. Dollar Tree’s same-store sales are at five, that’s pretty positive. This market has awarded stocks that are up 10 for multiple days.”
General Electric: Buy Or Sell?
General Electric (GE) – Get Report shares jumped to the highest levels in more than eight months Tuesday after analysts at Oppenheimer lifted their rating on the stock, citing the ‘turnaround traction’ under CEO Larry Culp.
Cramer said GE is the best renewable energy play and Biden stands for clean energy. “We want to get rid of coal plants. Their healthcare business is doing pretty well. You’ve got all these businesses that are doing well. And it’s a company run by Larry Culp.”
Markets Ahead of Thanksgiving
Cramer said he will be focused on some speculative stocks like Nio (NIO) – Get Report, Li Auto (LI) – Get Report, Plug Power (PLUG) – Get Report because I want them to cool off. ” I just want to see a return to what I regard as being the non-speculative stocks. We can’t have stocks like Plug Power go up every single day because people will lose a lot of money and if they go up slowly then these new investors will do fine.”
None of these is a key holding in Jim Cramer’s Action Alerts PLUS charitable trust. Want to be alerted before Jim Cramer buys or sells any stock? Learn more from Cramer and his membership team now.