Jim Cramer on Stimulus: I Don't Trust Washington

Publish date:
Video Duration:

Stocks turned mixed in intraday trading on Thursday as Wall Street monitored lawmakers' efforts on crafting the fifth coronavirus aid package.

Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi “made a lot of progress in a lot of areas” in talks they held Wednesday. Pelosi said Thursday, however, she was skeptical they'd be able to reach a deal.

“This isn’t half a loaf. What they’re offering is the heel of the loaf,” Pelosi told Bloomberg TV. “It’s no use going into a negotiation just saying you’ll take the path of least resistance.”

The House is expected to vote on a slimmed-down $2.2 trillion aid proposal later Thursday, though the legislation has little chance of passing in the Senate.

Weekly jobless claims in the U.S. came in at 837,000, slightly lower than economists' forecasts. However, the number of Americans applying for first-time jobless benefits held steady for a fifth straight week, a sign that the summer rebound in the labor market spurred by the reopening of businesses could be starting to fade.

The official U.S. jobs report for September will be released Friday.

Watch the video above for more.

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: