CNBC’s Jim Cramer urged investors to use the market’s rally on Wednesday to recalibrate their portfolios.
“Use this moment to pivot yourself. Get out of the stocks I’ve been railing against for a full year,” he said, adding, “Get into the stocks of companies that make things and do stuff at a profit and return some of that to you.”
Stocks rose on Wednesday after Federal Reserve Chair Jay Powell signaled that the central bank will ease back its brisk pace of interest rate increases as soon as December, though he maintained there’s still a way to go before prices stabilize.
Cramer reminded investors that while Powell’s remarks bode well for investors hoping the Fed will engineer a soft landing, it doesn’t mean that the macroeconomic headwinds battering companies’ balance sheets have disappeared.
In other words, investors should still exercise caution and avoid companies that are on the…