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Why Markets Are Higher, What Stocks Jim Cramer Would Buy

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Stocks were higher in intraday trading on Wednesday as investors continued to look to Washington for another coronavirus stimulus package.

Stocks finished higher on Tuesday, with the Nasdaq closing at its 30th record high of the year.

Congress is inching closer to a new wave of support for the stalled U.S. economy. White House officials vowed to work "around the clock" with Democrats in order to bridge the gap between their $3.2 trillion proposal and the Republicans' $1 trillion counter-offer. 

Watch: What Jim Cramer Says Economy Needs From Stimulus Bill 

In economic news, U.S. private payrolls increased by 167,000 in July after a strong rebound of 2.37 million in June, according to the ADP National Employment Report. Economists expected 1.5 million additions last month.

On Tuesday Senate Majority Leader Mitch McConnell (R-Kentucky) said he could support an extension of the now-lapsed $600 federal unemployment insurance boost — if President Donald Trump ends up backing it.

And all of this comes as Disney climbed after the entertainment giant posted a modest second-quarter profit even as it swallowed some $5 billion in costs related to the global coronavirus pandemic.

So, what's Jim Cramer watching and what does he think investors need to do next?  

He said vaccine optimism is prompting him to start buying cyclical stocks. Find out why in the video above. 

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

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