Jim Cramer: The Market's Telling Us Things Aren't As Bad As We Thought

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Stocks were mixed Thursday after U.S. jobless claims continued their decline and the European Central Bank expanded its monetary stimulus program.

Applications for unemployment benefits in the U.S. eased up for a ninth consecutive week as the pace of corporate layoffs related to the pandemic-induced economic shutdown slowed but still remained historically high.

The Labor Department said 1.877 million Americans filed jobless claims for the week ended May 28, down from the 2.126 million claims for the week earlier, as states continued to slowly reopen after more than two-and-a-half months of being shuttered amid the coronavirus pandemic.

And then, in other news, the ECB boosted its coronavirus bond-buying program by a larger-than-expected €600 billion on Thursday, while issuing a downbeat growth and inflation forecast for the region's blighted economy.

The ECB said its Pandemic Emergency Purchase Program would increase to €1.35 trillion and be extended by around six months to June 2021. 

So, with all of that in mind, what should investors watch? 

Jim Cramer says that this market is telling us "things aren't as bad as we thought."

Watch the full video above for more.

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

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