As all major indices surge higher in intraday trading, Jim Cramer attributed the positivity to the March jobs report, which was reported Friday when markets were closed for the Good Friday holiday.
“We got a robust jobs report but no wage growth to speak of…It’s the green light for Jerome Powell to keep things easier,” Cramer said.
Recap Monday’s episode of TheStreet Live with Jim Cramer and Katherine Ross in the video above and be sure to catch TheStreet Live every weekday at 10:30 a.m. ET:
Kickin’ It Off With GameStop
TheStreet’s M. Corey Goldman noted that, in a filing with the Securities and Exchange Commission, GameStop said it plans to sell the shares through an “at-the-market” equity offering program. It said it intends to use the net proceeds to “further accelerate its transformation as well as for general corporate purposes and further strengthening its balance sheet.”
Some More Positivity for Tesla
The company reported stronger-than-expected vehicle deliveries for the first quarter.
Wedbush analysts, following the news, upgraded the stock’s price target to $1,000 from $950.
“In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla’s (TSLA) – Get Report Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway,” wrote analysts Dan Ives and Strecker Backe in a research note.
Jim Cramer’s Warning for Individual Investors
In his Real Money column, Cramer has a stark warning for Wall Street.
“What crushed the individual was a lack of diversification,” he wrote.
“When you see days like those of last week where you got a session with volume levels akin to the slowest days of last year, the day before Christmas and the day after Thanksgiving, according to the Wall Street Journal, you know the individual investor’s been pretty much blown out. That’s something that wasn’t supposed to happen when we got that second stimulus check for $1,400. After all, so much of the first one landed in accounts that went right into the market, first in common stock and the much riskier options for many who had a taste of big wins,” he continued. “What happened? What caused the decline? Some of what happened has directly to do with a belief that the market was rigged in favor of the professional, who would never be shut out of favorite stocks the way Robinhood shut out individuals in the wake of the GameStop phenomenon.”
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Monday’s Daily Rundown.
Daniel Kuhn contributed reporting to this article.