Cramer's 'Mad Money' Recap: Stick With Growth (Final)

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NEW YORK ( TheStreet) -- Don't fear good economic data, embrace it. Those were Jim Cramer's words to the viewers of his "Mad Money" TV show Wednesday, as he urged them to not be consumed by economic data and instead focus on what matters, earnings.

Cramer said that any pundit who attributed today's stock market rally to words coming out of the Federal Reserve or some other economic factors are simply wrong. Moreover, sentiments like that are both confusing and harmful to many investors. The theory that "if things are bad, the Federal Reserve will swoop in to save us" just doesn't make any sense, Cramer continued. Investors should be investing, he said, and that means investing in the future earnings of great companies.

What the U.S. economy really needs is not low interest rates, it's jobs, said Cramer. Jobs creates spending, he said, which in turn drives home sales, auto sales, consumer lending and so much more. And all of that spending translates into earnings, which then drives stocks higher.

That's why Cramer continued to pound the table on great growth names like Apple ( AAPL) and IBM ( IBM), two stocks which he owns for his charitable trust, Action Alerts PLUS , along with countless others that have been telling investors that things are getting better on their conference calls.

Upon Further Review

In the "Upon Further Review" segment, Cramer took a closer look at the earnings of eBay ( EBAY), which last week delivered a 4-cent-a-share earnings beat on better-than-expected revenue and raised full-year guidance to boot. That news sent shares rocketing up 13%, but Cramer said the stock should be a whole lot higher.

Cramer explained that what got lost in eBay's earnings is its vision for PayPal, its online payments solution. PayPal now sports more user accounts that either Visa ( V) or MasterCard ( MA) and is already the default way to pay online without relinquishing sensitive credit card information.

But PayPal's plans for the future go far beyond online shopping. The company is betting big on mobile payments, which it expects to top $7 billion this year, up from $4 billion last year. PayPal is also testing its first point-of-sale terminals at Home Depot ( HD), which allows customers to pay using just their mobile phone number with a PIN.

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