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NEW YORK (TheStreet) -- Why didn't the markets get hammered today given the plethora of bad corporate news? That was the question Jim Cramer asked his Mad Money TV show viewers Wednesday, adding, sometimes just not losing money is something to be celebrated.
Cramer said the resiliency of today's stock market was worth noting, as there were plenty of negatives that should've sent the averages sharply lower. First, there was Sprint (S) walking away from a bid for T-Mobile (TMUS), news that sent shares down 19%. Then there was Twenty-First Century Fox (FOXA) walking away from its bid for Time Warner (TWX).
Parker Hannifin (PH) announced an unexpected shortfall that sent its shares down by 4.7%, and then Walgreens (WAG) told investors that it won't be moving its tax status overseas, news that sent that stock down a quick 14%.
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But despite all these negatives, and the continued threat of another European recession and continued sinking interest rates, the averages were able to hold their ground. That's because for all the market's negatives, there are still positives out there, along with continued hope for a diplomatic solution to the conflict with Russia, Cramer said.