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,
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts