Interest rates are headed higher but that won't hurt certain well-run investment banks, Jim Cramer said on

CNBC's

"Stop Trading!" segment Friday.

"Rates are obviously going higher -- what's the

Fed

going to do? We have a runaway economy," Cramer said. Friday's employment report showing a 211,000-job addition to payrolls was bad news, Cramer said. "The perception that it was Goldilocks was, frankly, stupid."

Still, companies like

Goldman Sachs

(GS) - Get Report

,

Bear Stearns

( BSC) and

Lehman

( LEH) should be OK. "The financials I like are totally in control. I believe they are making a fairly large bet that rates are going higher," Cramer said.

Cramer also said

Juniper

(JNPR) - Get Report

should follow

Cisco

(CSCO) - Get Report

higher. The stock "is so hated you almost have to feel like they're doing something wrong, but they're not."

Cramer said

National Oilwell

(NOV) - Get Report

is another solid stock in a hated sector. As for

Research in Motion

( RIMM), the stock is "done" after management said business looks slow in the near term.

Cramer praised

ABB

(ABB) - Get Report

, which he called "an infrastructure play that people want to get behind."

At the time of publication, Cramer owned ABB in a charitable trust.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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