NEW YORK (TheStreet) -- "Today's market was a heavyweight fight between Italy and Warren Buffett," Jim Cramer told his "Mad Money" TV show Monday. But the famed "Oracle of Omaha," he noted, can't save us forever.
Cramer explained that Italy once again drove down the early market trading today, with reports that an auction today of five-year bonds saw the embattled country's interest rates climb a full 1% from just a month ago. He said that with Italy will need to borrow $260 billion over the next year to stay afloat, the stunning rise in financing costs will clearly weighed on the markets.But then Warren Buffett appeared on CNBC to talk about his 5% stake in IBM (IBM), a stock which Cramer owns for his charitable trust, Action Alerts PLUS. Cramer said that Buffett's endorsement of IBM was meaningful, as the company is delivering on its five-year growth plan and the stock has rallied some 28% so far this year. Cramer said that Buffett didn't stop there. Buffett also endorsed other companies like Macy's (M) and Coca-Cola (KO), another Action Alerts PLUS name. Buffett was essentially bullish on the entire U.S. market, saying that he's not selling anything in order to make his recent purchases. But for as bullish as Buffett was today, Cramer said that unfortunately, he won't be on the airwaves calming the markets again tomorrow. Italy, on the other hand, will be. "Italy will get the last word," said Cramer, "and there will be no rematch."
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