Stocks rose Wednesday after Federal Reserve Chairman Jerome Powell said in congressional testimony that the central bank wasn't ready to pull back on its support since the U.S. economy has a ways to go before recovering.
Stocks declined Tuesday after consumer inflation in June jumped by the most in 13 years.
Powell said inflation “has increased notably and will likely remain elevated in coming months before moderating.”
Own, Don't Trade Apple
Apple (AAPL) - Get Report shares reached a new record high Wednesday following a Bloomberg report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.
Apple shares traded at $149.41, up 2.6% at last check.
"This is why I say 'Apple own it, don't trade it' because you could have never come back in," Jim Cramer said Wednesday while calling out a past bearish outlook from Bearnstein's Toni Saganaki.
Economy Isn't Scared of Delta Variant
The Delta variant of the coronavirus isn't slowing down the economy because people are no long afraid, Cramer said Wednesday.
"Travel is up over 2019, so people are going places. Right now Delta is not a force. People seem to accept the fact that they might get Delta, but they will be asymptomatic in some cases and they are not afraid," Cramer said while speaking on the state of the U.S. economy.
The economic balance sheet is looking good and consumers are starting to spend after a long period of not spending during the height of the coronavirus pandemic, Cramer said in the video below.