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U.S. stocks rallied Tuesday on the belief that the euro will remain intact for some time after Greece voted in favor of austerity and was rewarded by the European Union with easier credit terms to help grow its economy, said Jim Cramer on CNBC’s “Mad Money.”
In Cramer’s opinion, that hint of growth was all the market needed to push higher. To him, the gains show that while Europe’s debt crisis deserves attention, it might not be “so awful” after all. Cramer thinks the region can still “pull out of its tailspin before a fiery conflagration ensues,” especially if it shows more signs of possible growth. To support his thinking, he noted that earnings reports from several U.S. companies suggest that Europe’s economy is actually hanging in there.
Either way, Cramer said Tuesday’s market was lifted by a host of positive news. He detailed a few highlights.
To start, FedExrebounded even after the package delivery company handed in current quarter and full-year guidance that missed estimates. FedEx’s stock would typically fall 3 points on such news, Cramer said, but it actually rallied.
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