While November was overall a positive month for the markets, the markets took a bit of a dip in trading on the last day of November.
The S&P 500 recorded a gain of 10.8% in November, its biggest monthly gain since April. The Dow posted its best month since 1987, up 11.8%, and the Nasdaq also soared 11.8% during November.
But a bounce back is in the works Tuesday as all major indices closed higher and the S&P 500 and Nasdaq marked fresh record closes.
While Jim Cramer said plenty of the names in is Action Alerts PLUS charitable portfolio, including Disney (DIS) - Get Report, make compelling sells at current trading levels, he can't find a reason to pull the trigger. Instead, Cramer is focused on names that we would buy Tuesday, including Nvidia (NVDA) - Get Report, AMD (AMD) - Get Report, Dell (DELL) - Get Report, Take-Two (TTWO) - Get Report and most prominently, UPS (United Parcel Service) .
Powell, in testimony released ahead of his appearance Tuesday before the Senate Banking Committee, said that economic prospects are “extraordinarily uncertain” after the pace of improvement moderated.
While calling progress made on the development of coronavirus vaccine "very positive," he also said a resurgence of the virus in the U.S. and globally was "concerning and could prove challenging for the next few months. A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.”
Responding to reports of another attempt at stimulus, Cramer said stimulus has to happen and Treasury Secretary Steven Mnuchin will bring it over the finish line. "I think he's going to nail this right at the end and cement his legacy as someone who really cared about small and medium-sized businesses," Cramer said.
On Monday night, on Mad Money, Cramer discussed the FAANG stocks.
"The FAANG stocks have led the market higher and they're going to continue to lead us higher, Jim Cramer told his Mad Money viewers Monday. While some money managers are advocating to rotate into the oils and the cyclical stocks, Cramer said he's sticking with the winners," TheStreet's Scott Rutt wrote in his recap.
Specifically, Cramer said he sees strength in tech names including Dell. "Dell is a buy hand over foot," Cramer said after an interview with CEO Michael Dell.