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NEW YORK ( TheStreet) -- It feels like the old days are back, Jim Cramer told his "Mad Money" TV show viewers Wednesday. He said that after a weak open thanks to a sluggish Europe and China, the U.S. was once again in charge and able to buck the trend and send the markets higher. Yes indeed, Cramer said the U.S. is once again the center of the universe.
There are a lot of reasons why this is the case, Cramer said, not the least of which is nothing new coming out of Washington. That's led to confidence creeping back into the markets, which is never a bad thing. It may only last until January, but we'll take it where we can get it.
Then there is the drop in oil prices to its lowest point in two years. That's like a tax break for consumers and they have more disposable income as a result.Interest rates are also a factor, Cramer noted, as the average 5-year bank CD still yields just 0.82%, but the 5-year Treasury has crept up to 1.4%, allowing the banks to make a lot more money on the new interest margin. There are other things to like about the market as well. Now that the Twitter (TWTR) IPO is over, many of the social media stocks are bouncing, like Facebook (FB) and LinkedIn (LNKD). And there's a ton of individual stock news, like upbeat guidance from Macy's (M), the US Airways (LCC) merger and the rally in Starbucks (SBUX) after its settlement. Only in this market can writing a big check send your stock higher, Cramer quipped. All of these factors are causing investors to flood back into stocks, Cramer concluded, so many in fact that the bears were simply overwhelmed today.