Skip to main content

Jim Cramer: Higher Rates Are Good for Banks

Publish date:
Video Duration:

Stocks fluctuated in intraday trading on Friday as investors focused on corporate earnings and the diminishing chances that U.S. lawmakers will reach an aid package before Election Day.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been trying to finalize an agreement on details of a nearly $2 trillion stimulus package, though sticking points remain. The Senate is opposed to a package of that size and now some House Democrats, Bloomberg reported, also oppose the idea of a pre-election vote on any bill.

President Donald Trump and former Vice President Joe Biden clashed Thursday evening in their final debate before the election on Nov. 3, though the debate didn't appear to be having much of an effect on equities.

“We continue to be engaged in negotiations, and I am hopeful we will be able to reach an agreement,” Pelosi said at a news conference Thursday. She told MSNBC that it was her "hope" to get a relief package done by Election Day.

And then there are earnings. 

Intel's  (INTC) - Get Intel Corporation Report third-quarter earnings and sales met Wall Street expectations but its Data Center Group reported a revenue drop of 7% to $5.91 billion, missing forecasts of $6.21 billion.

American Express  (AXP) - Get American Express Company Report reported third-quarter earnings of $1.30 a share, below Wall Street estimates of $1.34, but revenue of $8.75 billion topped forecasts.

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

Latest Videos From TheStreet and Jim Cramer:

Related Videos