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General Electric is harbinger for market: Cramer

Credit Suisse reinitiated coverage on General Electric with a rating of "outperform" on Monday, saying it sees an expansion in GE's industrial margins, catching the attention of CNBC's Jim Cramer.

"GE is one of the most frustrating stocks that we have ever encountered," Cramer said on "Squawk on the Street." "This is the one to watch. It has been behind."

After a rough session on Friday, industrial behemoths Caterpillar and Cummins rebounded in midmorning trading on Monday. If GE can follow suit, it will say a lot about the health of the global economy, Cramer said.

"I look at this GE call and I say it's kind of the soul of this market," he said. "If this stock can go up, then what people are saying, you know what, I kind of believe in the industrial, I believe that GDP is going to get better worldwide."

—By CNBC's Drew Sandholm

DISCLOSURE: When this story was published, Cramer's charitable trust owned General Electric. It did not, however, own Caterpillar or Cummins.

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