Jim Cramer on Why Good News From China Isn't Enough for U.S. Stocks

Stronger than expected data from China lifted U.S. stock futures before trading began on Wednesday, but early gains fizzled by midday, and TheStreet's Jim Cramer said oil is to blame. With oil prices hovering around $30 a barrel, stocks have trouble making any headway. Cramer said if oil prices would stabilize, and we see some strong corporate earnings reports, the S&P 500 would go higher. Cramer added that good news from China isn't enough to keep the U.S. stock market propped up, but what would help would be the stabilization of China's currency. Jim Cramer is portfolio manager of TheStreet's Action Alerts PLUS portfolio.