Jim Cramer sees more upside in the stock market as he looks back on its performance under President Donald Trump’s administration.
The Federal Reserve’s pledge to be more « patient » with its interest rate hikes erased one of the biggest obstacles to a stock market rally that went on for much of President Donald Trump’s time in office, CNBC’s Jim Cramer said Friday.
Earlier on Friday, Fed Chair Jerome Powell said in an interview with two former Fed leaders that the central bank had « no preset path » for raising interest rates and was « listening very carefully » to the market, statements that sent stocks soaring in Friday’s trading session.
The stock market endured some debilitating declines in the final months of 2018, which saw several-hundred-point swings in the major averages, often back to back. At last week’s lows, the market was up a mere 3.3 percent since Trump’s inauguration and less than 10 percent since his election.
« It was like we had rolled back the entire Trump rally, » Cramer, host of « Mad Money, » said.
