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Morning Bell With Jim Cramer: Wait to Buy Home Depot

Jim Cramer shares stock market news including buying Home Depot shares, Walmart hits a hot streak, and the S&P 500 hits all-time highs.

The Dow, S&P 500, and the Nasdaq are all up slightly in trading on Wednesday. The U.S. mortgage rates jumped higher last week, an industry lobby group said Wednesday, rising from its record lows to 3.13%.

In the last episode of Mad Money, Jim Cramer said the stock market may be making new highs, but that doesn't mean we're in a V-shaped economic recovery.

TheStreet's Katherine Ross and Cramer are on Street Lightning talking about waiting to see analyst price targets before buying Home Depot shares, Walmart on a hot streak and the S&P 500 hitting all-time highs. 

Home Depot Stock: Buy or Sell?

Lowe's  (LOW) - Get Lowe's Companies, Inc. (LOW) Report reported earnings Wednesday morning and beat expectations with an online sales surge. This comes a day after Home Depot  (HD) - Get Home Depot, Inc. (HD) Report smashed its earnings Tuesday as the coronavirus pandemic has created a surge in digital sales. TheStreet looked at the charts on Monday and gave investors a guide on how to trade Lowes and Home Depot this week.

Cramer believes we need to wait to see if analysts raise their price targets before buying shares of Home Depot.

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Walmart Stock: Buy or Sell?

Target  (TGT) - Get Target Corporation Report crushed its earnings Wednesday with record same-store sales and a sales surge led by the conditions of the coronavirus pandemic. This comes a day after Walmart  (WMT) - Get Walmart Inc. Report reported record online sales, beating its earnings. TheStreet looked at the charts and provided a guide on how to trade Walmart and how to trade Target. Analysts were boosting both Walmart and Target a week ago, anticipating the stellar earnings we saw this week.

Cramer talked about Walmart's hot streak and compared it to the all-time Yankee great Joe DiMaggio.

The S&P 500 Hits All-Time Highs

The S&P 500 closed trading on Tuesday at record highs. Stocks continue to rise despite delays to an agreement with the stimulus package and the ongoing failures by the U.S. to get the coronavirus pandemic under control. As we start to enter a cooler climate ahead in the winter, the U.S. could run into more issues.

Cramer believes a hangover moment could be near.

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