As the Dow Jones closed above the 30,000 point benchmark, Jim Cramer is focused on speculative stocks. While Cramer has been a proponent of names such as Plug Power (PLUG) - Get Report, he doesn't want to see stocks including Nio (NIO) - Get Report up every day.
"I just want to see a return to non-speculative stocks. As much as I like Plug Power, we can’t see them go up every day," Cramer said during his daily live show with TheStreet. "If they go up every single day, people will lose a lot money. If they go up slowly, these new investors will do fine."
Though Cramer has often expressed his approval of the younger, informed investors who are pushing the speculative stocks higher, he stressed patience at the current levels.
"I’m long a believer that discipline trumps conviction," Cramer said.
Wall Street cheered on Biden's reported nomination of former Federal Reserve Chair Janet Yellen as Treasury secretary. Yellen would be the first woman to lead the department. She also was the first woman to serve as Fed chair after her Senate confirmation in 2014.
Investors believe that, under Yellen, there would be more economic stimulus. She has argued that Congress has to come through with additional aid to help lead a U.S. economy crippled by the coronavirus pandemic.
Cramer said he was very impressed by the reported choice of Yellen, and said Yellen, when paired with current Fed Chair Jerome Powell, could go a long way to providing assistance to those left behind by the pandemic. "I think if Janet Yellen goes in, it's one of the reasons you see the market doing what it's doing," Cramer said.
Over on Real Money, Jim Cramer discussed oil in his daily column.
"President Trump almost killed the oil industry and now President Biden's going to save it. At least for now. That's what the stocks are saying and it makes sense when you think of it. Under President Trump we had unbridled drilling. It was almost embarrassing the lengths we were willing to go, including opening up the sacred Arctic National Wildlife Refuge for drilling," wrote Cramer.
Daniel Kuhn contributed reporting to this article.