With the S&P at new highs, the ‘actual economy’s in precarious shape,’ Jim Cramer says
CNBC’s Jim Cramer on Tuesday shot down the notion that the U.S. economy is staging a V-shaped recovery after the S&P 500 crossed closed at an all-time high, a full rebound from the major market meltdown triggered by coronavirus fears in the first half of the year.
The S&P 500, generally accepted as a temperature of the stock market, finally achieved the feat after bumping against its February highs since the beginning of the month.
“We’ve had a magnificent V-shaped recovery in the stock market, but the stock market’s not a great reflection of the broader economy anymore,” the “Mad Money” host said. “If anything, the actual economy’s in precarious shape, especially now that the government’s stimulus package has run out and Congress went home for the summer rather than trying to come up with a replacement.”
The benchmark index ticked up 0.2% to a …continued .
[Source: CNBC News]