CNBC’s Jim Cramer on Wednesday said that inflation is peaking, which is good news for stocks that have been trampled in recent months.
“The stock market … totally saw peak inflation coming. I think you had to be deliberately obtuse to miss this because commodity prices have been collapsing a while ago, but now it’s undeniable,” the “Mad Money” host said.
Stocks jumped on Wednesday after the consumer price index revealed that inflation’s upward climb decelerated in July from the year earlier. All the major indices were up, with the S&P 500 reaching its highest level since May and the Nasdaq Composite closing at its best level since April.
Cramer said that inflation’s peak bodes well for investors looking to pick up shares of stocks they might have shed earlier this year.
“Peak inflation is nirvana for stocks, especially for out-of-favor stocks, like fast-growing tech plays or the…