The Dow is up over 200 points and the S&P 500 is up slightly in trading Thursday. The Nasdaq is down in trading as the Federal Reserve outlined a new policy approach from the central bank.
TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning with Jim Cramer. Cramer spoke about buying Abbott shares, the Federal Reserve easing its monetary policy and Splunk's earnings.
Abbott Stock: Buy or Sell?
Abbott Laboratories shares are surging Thursday after unveiling at 15 minute test for $5. Abbott was one of the top stock picks Cramer selected earlier in August if the stock market turns lower this year. Abbott beat earnings back when it reported its financials in July. Abbott is up over 8% in trading Thursday and could help other stocks go higher.
Cramer talked about why he would be buying Abbott shares after the latest announcement.
The Federal Reserve System and Jerome Powell
The Federal Reserve is adopting a more flexible monetary policy in the face of the worst economic downturn since the Great Depression. Cramer talked about the Jackson Hole event and called it a "nonevent".
Cramer believes that Jerome Powell has showed that he and the Federal Reserve system have a heart and helping during the current economic struggles for so many citizens and businesses.
Splunk Stock: Buy or Sell?
Splunk missed estimates when it reported its quarterly financials Thursday but is getting analyst support after the miss. Splunk appointed Sean Boyle to its board of directors on Wednesday, a day before its report. Splunk shares are up 125% since the lows it faced in mid-March.
Cramer discusses what he liked about Splunk's quarter.
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