The Dow at first jumped this afternoon after the Fed announced it would keep the federal funds rate at between zero and 0.25%. However, the bellwether index had slipped back into negative territory an hour later. Using its now familiar language, the central bank said economic conditions warranted “exceptionally low levels” for interest rates “for an extended period.”
While some may question Bernanke’s leadership, Cramer said, “I think he’s doing everything he can.”
“I applaud what he’s doing,” Cramer said.
In other market news, the pessimism surrounding the housing sector seems to have “overwhelmed” the group’s high-quality stocks, Cramer said. One such name, Fortune Brands , “could be interesting.”
In tech, Cramer noted that Jabil Circuit’s strong quarter was good for Cisco Systems , too. Add in the $1 billion Cisco plans to spend in Russia and the stock looks “twice blessed,” he said.
Also in this sector, Cramer said he sees Netflix and Akamai Tech as key players in the still growing demand for online video. Akamai in particular, provides the technology needed for streaming video over the Web.
“These stories, while they appear to be overvalued,” Cramer said, “I think have multiple years of growth ahead.”
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