Jim Cramer Says Market Buyers Will Come In After Sellers

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Stocks were higher in intraday trading on Thursday following the S&P 500's 3.5% drop in the previous session, the biggest loss since June 11, as economic growth in the U.S. was higher than estimates and jobless claims declined.

Stocks finished sharply lower Wednesday as investors' fears about the pandemic's impact on economic activity heightened. The Dow declined 943 points, or 3.43%, to 26,519, a three-month low.

Gains were capped, however, by a worrying rise in coronavirus cases in the U.S. and Europe and concerns that measures to mitigate the spread of the virus could derail an economic recovery.

The U.S. economy grew the most on record during the third quarter as trillions of dollars of coronavirus relief from Congress and the Federal Reserve supported household and business spending.

Third-quarter GDP growth was 7.4%, a quarterly gain that translates to an annual pace of 33.1%, a reversal from the second quarter's 31.4% decline following Covid-related shutdowns.

Weekly jobless claims fell 40,000 to 751,000, down from the upwardly revised 791,000 in the previous week.

Jim Cramer weighs in on the markets and why he's not paying any attention to the GDP number. 

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

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