Jim Cramer: As Rates Go Higher, You Need to Own Wells Fargo

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said that as interest rates increase, investors should own shares of Wells Fargo (WFC) - Get Report . "It's now actually cheaper than a lot of the other stocks. We own it for Action Alerts PLUS," Cramer said, adding that Wells Fargo has lots of exposure to the mortgage business. A hike to short-term interest rates from the Federal Reserve leads to higher mortgage rates, which strengthens the bottom lines for lenders. Cramer spoke earlier from the floor of the New York Stock Exchange.