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Cramer: Why Dow 14,000 Is Different This Time

The Dow Jones Industrial Average hit a record 14,000 for the first time this past July. Today it passed that mark again. But it’s different this time, Cramer said.

While July saw tightening interest rates, speculation on private-equity takeovers and new stocks flooding the market, October is almost the opposite.

The Fed just cut rates more than expected, and it looks like the trend could continue. The increase in stock prices from that PE speculation has been replaced with the possibility that stocks are cheaper than other assets. Also, the IPO market has slowed down, but stock buybacks have picked up.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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