Tuesday's rally in cyclical stocks and classical recession-proof names constitutes "an amazing confluence of great things," Jim Cramer said Tuesday on CNBC's "Stop Trading!" segment.
Cramer said the sharp jumps in economically sensitive manufacturing shops such as Black & Decker (BDK Quote), Caterpillar (CAT Quote) and Illinois Tool Works (ITW Quote) are impressive, given that these stocks were given up for dead two months ago when the companies warned on their earnings. Even more stunning, also rallying are telcos AT&T (T Quote) and Verizon (VZ Quote) -- the very stocks investors typically flee to in case of recession, Cramer said.
Cramer also applauded the gains in lenders First Horizon (FHN Quote) and Countrywide (CFC Quote), saying they show that worries about subprime lending defaults are overblown. ...
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