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Investors are finally free to once again look at the earnings of individual companies, Jim Cramer told his Mad Money viewers Wednesday. We no longer need to fear the Federal Reserve after Janet Yellen acknowledged our economy is fragile and the strong U.S. dollar is only making things worse.

"It's a whole new world," Cramer proclaimed after hearing Yellen's comments because they mean positive things are coming for a host of sectors in our economy. He said investors need only to look at those most hurt by the strong dollar to determine who will be helped most by a weakening one.

Everything from airlines to railroads to technology will see a boost in their earnings as the dollar weakens, Cramer said. So will consumer packaged goods companies including Johnson & Johnson (JNJ) , which generates half of its sales overseas.

Cramer also gave the nod to the industrials, with stocks like General Electric (GE) , a stock which Cramer owns for his charitable trust, Action Alerts PLUS, and 3M (MMM) catching his eye.

Even the beleaguered auto and housing sectors should see a boost if Yellen sticks to her comments and keeps interest rates lower for a little while longer, Cramer concluded.

Executive Decision: Marty Mucci

For his "Executive Decision" segment, Cramer checked in with Marty Mucci, president and CEO of payroll processorPaychex (PAYX) , which reported a 7% rise in revenue. Shares of Paychex currently sport a 3.1% dividend yield.

Mucci said Paychex saw a solid quarter with good growth in the mid-market, which he defines as companies with over 50 employees. He said small business job growth is growing as well.

When asked for specifics about where the growth is coming from, Mucci said discretionary spending on things like hospitality and leisure is strong and construction is also picking up in the south and west coast.

Mucci also touted Paychex human resource services as another area of growth. As regulations increase for things such as overtime and the Affordable Care Act, companies of all sizes are looking for help to remain in compliance, he said.

Cramer called Paychex a good company with a good yield and growth prospects.

Thank You, Janet Yellen

Thank heavens for Janet Yellen, Cramer told viewers. Despite the many pundits calling for more interest rate hikes, including some members of the Fed itself, Yellen remains flexible and measured in her approach and is in no hurry no matter the rhetoric.

Cramer reminded viewers the last time the Fed raised rates, in December, it had significant impacts. The U.S. dollar spiked against other currencies and the wealth effect of the stock market vanished as investors were told the best was now behind us. Oil and gas stocks plummeted as many feared refinancing their debts would be impossible, while foreign debts also came under pressure.

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Any business that sold overseas added "currency risks" to their lexicon; even here at home, retail forecasts were revised sharply downward for January.

That's why Janet Yellen is in no hurry, Cramer told viewers. She's smart enough to realize the economy needs a slow and steady approach.

Off the Charts

In his "Off the Charts" segment, Cramer checked in with colleague Bruce Kamich over the chart of Xerox (XRX) , the document and services company that has all but been forgotten by many investors.

Looking at a daily chart of Xerox, Kamich noted the stock's bullish double bottom formation, which has propelled it above both the 50-day and 200-day moving averages. Better still, Kamich called out the on-balance volume indicator, a measure of momentum, which has been steadily rising since January.

As for the fundamentals, Cramer said that when Xerox announced it was splitting itself in two earlier this year, he largely dismissed it given the company's declining businesses. But upon further review, he said the deal actually unlocks a lot of value given how strong business outsourcing services are for Xerox.

Add that to the company's proposed $600 million in cost cutting and its low valuation of just 9.2 times estimates and Cramer said Xerox could easily get to Kamich's price target of $13 a share and beyond.

Lightning Round

In the Lightning Round, Cramer was bullish on Netflix (NFLX) , Edwards Lifesciences (EW) , Domino's Pizza (DPZ) , Eaton (ETN) , TJX Companies (TJX) , Ross Stores (ROST) and PVH Corp (PVH) .

Cramer was bearish on Kinder Morgan (KMI) , MasTec (MTZ) , Hanesbrands (HBI) and Eli Lilly (LLY) .

Executive Decision: Tom Ryan

In his second "Executive Decision" segment, Cramer sat down with Tom Ryan, chairman and CEO of Service Corp (SCI) , the funeral home and cemetery operator with 2,000 locations across the U.S. and Canada. Shares of Service Corp are down 6% so far this year.

Ryan said the vast majority of funeral homes are still family-owned businesses and when those business are up for sale, Service Corp is happy to acquire them. Otherwise, he said, they're happy using their excess capital to buy back stock and reward their shareholders.

When asked about their business, Ryan said Service Corp's job is to make the grieving process as easy as possible, and that comes from a deep understanding of the differences between different cultures and religions and catering to the needs of everyone.

Cramer said Service Corp has consistently beaten the markets and has accelerating growth.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in GE.