Cramer Says Days Like Thursday Show Potential Pay-off Of Picking Winners: 'I Find The Whole Day To Be A Giant Celebration'

Prominent market commentator Jim Cramer argued the case for stock picking over indexing saying that days like Thursday show the potential payoff of picking winners.

"On the densest day of earnings season, the day where we get numbers from the most companies in one session, I find the whole day to be a giant celebration of the ingenuity of executives and their teams,” Cramer said according to a CNBC report. "It's a validation not just of how good our companies are, and the CEOs are, but of the very concept of stock picking over indexing.”

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Cramer also said in a week loaded with big earnings reports, there's no harm in putting stocks on the shopping list and waiting until after earnings-related surges have cooled down.

Price Action: U.S. markets soared on Thursday with all major indices gaining over 1.5% as strong tech earnings overshadowed investor concerns over a slowing economy. Upbeat results from Meta Platforms Inc (NASDAQ:META) coupled with those of Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) resulted in the Nasdaq Composite registering its biggest single-day percentage gain since mid-March, a Reuters report said.

The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 1.99% higher while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 2.72% on Thursday.

Meanwhile, House Speaker Kevin McCarthy on Thursday reportedly escalated demands that President Joe Biden and Democrats resolve the debt-ceiling crisis by accepting the plan passed by House Republicans.

"There will be many reversals in this market, especially if the debt ceiling doesn't get extended in time, so you're going to get your chance," Cramer stated.

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