Stimulus Shutdown Could Make July the Economic Peak: Cramer

Katherine Ross

Let's talk about the markets.

The broad S&P 500 index gained 0.23% on Tuesday to close at 3,389, breaking its pre-pandemic record set on Feb. 19. The Nasdaq also set an all-time closing high.

The S&P 500 has rallied 51.5% since March as aid from the Federal Reserve and economic stimulus from Congress fueled the remarkable rebound.

Lifting optimism Wednesday were hints from Democratic and Republican leaders that they were looking for ways to bridge the wide gap in their stalled coronavirus stimulus negotiations.

House Speaker Nancy Pelosi suggested Democrats could make more cuts to their $3.5 trillion relief proposal.

More on Politics: Jim's Top Stock Pick If Democrats Sweep Election

Sentiment was dampened, however, by comments from President Donald Trump that he called off last weekend's trade talks with China.

And Apple in intraday trading Wednesday became the first U.S. company with a $2 trillion market capitalization.

The stock reached a market cap of $1 trillion just two years ago. It has risen around 120% in the past year.

But are there concerns that bulls need to be worried about?

Listen to what Jim Cramer has to say in the video above.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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