- CNBC's Jim Cramer said that Thursday's rally is thanks to a batch of strong company earnings.
- He went over several examples of corporate news and earnings reports that fueled Thursday’s gains, including Chevron, Tesla and United Rentals.
CNBC's Jim Cramer said that Thursday's rally is thanks to a batch of strong company earnings.
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WATCH HERE"I've said over and over again that during earnings season, what matters is companies and the CEOs with the smarts to direct them," he said.
Stocks rose on Thursday as investors digested the latest batch of earnings and new gross domestic product data showing the U.S. economy grew by a higher-than-expected 2.9% in the fourth quarter.
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Cramer said that contrary to what many might believe, the economic data didn't drive the trading session's rallies.
"That's a classic misdirection play — just totally wrong. It's stale. It doesn't count. We're in earnings season, for heaven's sake," he said, adding, "Stocks did well today because many of them delivered good numbers."
He went over several examples of corporate news and earnings reports that fueled Thursday's gains:
- Chevron's announcement on Wednesday of its $75 billion stock buyback and dividend boost sent the oil company's stock up roughly 4.9% on Thursday.
- Tesla reported a beat on fourth-quarter earnings and revenue after the bell on Wednesday, and the electric vehicle maker's stock on Thursday soared over 10%.
- Shares of United Rentals climbed 9.9% on Thursday, a day after it reported a better-than-expected 2023 forecast and met analyst expectations for revenue in its latest quarter.
"It's very confusing if you're on permanent negative autopilot because you only pay attention to the [Federal Reserve]. If you watched the individual companies, these moves would be a lot less surprising," Cramer said.
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