Is it Friday yet?

It's been a crazy day in the markets. 

The markets closed up over 600 points, which is a stark change to the down days we've seen.

Part of this rally can be attributed the the speech made by Federal Reserve Chairman Jay Powell, so let's dig in. 

Powell's Feelin' Good About the Economy

TheStreet's Bradley Keoun covered the speech that Jay Powell gave at the New York Economic Club on Wednesday, Nov. 28.

Powell said the U.S. stock market's recent selloff doesn't pose major risks to the financial system, in a sign that the declines won't be enough to persuade the central bank to abandon its push to raise interest rates.

"It is important to distinguish between market volatility and events that threaten financial stability," Powell said. "Large, sustained declines in equity prices can put downward pressure on spending and confidence. From the financial stability perspective, however, today we do not see dangerous excesses in the stock market."

A growing number of traders are betting that the Federal Reserve will slow its pace of U.S. interest-rate increases early next year, partly because of the drop in stock prices. Powell noted in his speech that while interest rates remain low by historical standards they are "just below the broad range of estimates of the level that would be neutral for the economy."

The central bank has been raising interest rates since 2015 to keep inflation from surging as the economy strengthened. The effort has drawn criticism from President Donald Trump, who has lobbed repeated criticisms at the central bank for raising interest rates too quickly, saying Powell is making a mistake that has unnecessarily impeded economic growth and damped enthusiasm in the stock market.

Now we'll just have to wait 'till the December meeting to see whether a rate hike truly is in our not-so-distant future.

Cramer's Thoughts on General Electric

Viewer Jace emailed in to ask Jim Cramer when it's time to get into General Electric (GE - Get Report)  .

Cramer went into detail about why he doesn't believe that now is the right time and what he's looking for. Cramer reminded viewers that he still likes the way that new CEO Larry Culp is leading the company, but he's waiting on one analyst to say that it's go-time.

Ask Jim

Got a question about the market? Reach out to @KatherineRooss on Twitter or email her at for a chance to have Cramer answer your question.

Curious About GE's Future?

TheStreet contributor Eric Reed breaks down GE's past and what it's got slated for 2019.

GE made the legendary (and fictional) super-executive Jack Donaghy as well as the legendary (and very real) Jack Welch. It was one of the original Dow Jones Industrial Average metrics, until the Dow removed the firm from its formula in 2018. It was once one of the most profitable and iconic firms in America, a status long since eclipsed by high-technology firms like Apple (AAPL - Get Report) and Google (GOOG - Get Report) .

This company led U.S. manufacturing and innovation through the 20th century, producing two Nobel Prize-winning researchers (in 1932 and 1973). In the 21st century, the future-forward buzz around General Electric (GE - Get Report) is that it views "R&D as an expense, not an investment."

It is the 18th highest-earning company in the U.S. by revenue. Its stock price has fallen by nearly 80% in the past two years.

The major reason for General Electric's numerous sell-offs has been to restructure the company and focus on a core industrial manufacturing base. Recently ousted CEO John Flannery planned to focus on GE's large-scale and enterprise product divisions, such as aerospace, train and power manufacturing, as well as military contracting and (potentially) life sciences, and that plan appears to continue.

Whether that will succeed obviously remains to be seen, however, major investors remain skittish with firms such as J.P. Morgan (JPM - Get Report) continuing to rate it a "very expensive stock." The relationship between the firm's debt and stock buybacks remains worrisome, given the modern trend of stockholders enriching themselves at the expense of corporate viability, as does a continuing investigation by the Department of Justice into the remaining financial services assets.

The firm's additional decisions to scale back research and development raises further concerns about its future-forward viability, as does the company's change of leadership less than a year after appointing Flannery as CEO.

That's A Wrap

Alright, folks, that's all I've got for today. 

But, hey, don't forget that it's hump day.

Catch y'all later.