The Dow Jones, Nasdaq and S&P 500 are all down today at the time of publishing. Indices are falling after disappointing earnings from the banking sector while dealing with the lasting impact of the coronavirus pandemic and the quarantine. TheStreet's Katherine Ross discussed today's breaking news in the stock market on StreetLightning with Jim Cramer.
Cramer discusses the breaking news in the stock market today including the plans to reopen the economy, jobless claims, and the latest dividend hikes by companies performing well during the coronavirus pandemic.
Reopening the Economy
When is the right time to go back to work for companies closed by the stay at home orders and COVID-19 social distancing mandates? That's the question leaders in the business world and the White House are asking as they devise plans that will help re-open the economy. Donald Trump is working with sports leaders like Roger Goodell, Mark Cuban and Jerry Jones to figure out how sports can come back this year.
Cramer has said social distancing needs to end before we can get back to normal but he went into more depth today about how our economy can get back on track after the coronavirus pandemic. Jobless claims added five million more this week bringing the monthly total to 22 million jobless claims.
Dividends and Costco
Costco (COST) - Get Report announced an increase in its quarterly cash dividend but what does that mean for investors? Costco raised their dividend 8% and Johnson & Johnson (JNJ) - Get Report also raised their dividend 6%. Cramer explains why raising a dividend is a confidence boost for Costco yesterday. Cramer likes Amazon (AMZN) - Get Report, Walmart (WMT) - Get Report, Target (TGT) - Get Report and Costco as the top retailers during the quarantine.
Abbott Laboratories Earnings Report
Cramer knows Abbott Laboratories is on fire. After their earnings report and the announcement of the new blood tests they're running to combat the coronavirus pandemic, he likes what he sees. Abbott Laboratories (ABT) - Get Report is up today so now is not the time to buy but the company is 'genius' and is going to be a big player in this COVID-19 fight. Stay tuned and wait for the right time to buy.