Stocks took a turn higher on Wall Street Wednesday, following a five-day string of sharp declines. All the major averages finished off of their intraday highs but were still up by almost 1 percent on the session.
Despite what some skeptics say, " Mad Money " host Jim Cramer defended the market rally and chastised the media, hedge funds and brokerage firms for always putting such a negative spin on the news.
"Have you ever noticed that when stocks go down, we accept that the decline makes a ton of sense but when stocks go higher, we seem to come up with a negative reason why they shouldn't?" he asked.
"We need to unmask this misdirection, because it keeps you from making money and often forces your hand into selling by convincing you that what's good is actually bad."
Cramer cited paint company Sherwin Williams as a prime example of this bizarre dichotomy of rational drops but irrational pops. Investors were shocked, he said, when SHW raised its first-quarter outlook and boasted a revenue jump of 20 percent, simply because they thought a weak housing market would have pushed those numbers down.
It must be the warm weather, they said.
And with that, the skeptics went to work and the stock slid, dropping from $112 to $109.Page 1 of 3 | Next Page