U.S. Stocks Slide on Friday; Jim Cramer Explains Why He's Holding Onto More Cash
Jim Cramer's charitable trust portfolio has increased its cash position ahead of an expected interest rate increase by the Federal Reserve.
U.S. stocks sold off sharply Friday on concerns that the Federal Reserve is getting closer to raising interest rates. Jim Cramer says some investors aren't in shape for rising rates, and that he's increased his cash position in the Action Alerts Plus portfolio that he manages. The market was rattled following a speech by Boston Fed President Eric Rosengren, who said that low rates were increasing the possibility that the U.S. economy would overheat. At midday, stocks had fallen about one percent.
