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Bank earnings will show why the economy needs more stimulus, Jim Cramer says

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Wall Street continues to enjoy an upward trend on the market, but the investment community will get a better sense of the challenges that much of the economy faces when financial institutions begin reporting earnings next month, CNBC’s Jim Cramer said Tuesday.

“I believe we’ll see the beginning of the bad loans that could reverberate through the whole financial system,” the “ Mad Money ” host said. “This weakness doesn’t matter to Wall Street because small businesses aren’t publicly traded and we’ve got a fabulous bull market in the cashless, contactless economy.”

The comments come after the major averages turned in a positive trading session, powered by broad market gains. The Dow inched up 2 points to close at 27,995.60 during the trading day. The S&P 500 moved 0.5% to 3,401.20 and the Nasdaq Composite rallied for an outsized gain of 1.21% to 11,190.32.

Since falling into correction territory due to the recent market-wide sell-off, the tech-heavy index has slowly worked its way back up and is now down about 7% from its all-time closing high at the beginning of September. A 5% run would bring the benchmark S&P back to its past highs.

U.S. commerce appears to be improving, based on […]

read more here —> www.cnbc.com

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