Cramer's Take on Why Stocks Closed Higher
With stocks having closed higher on Thursday, Cramer said the market seems to be un-phased by a few negative news stories, but impressed with some positive news.
Portugal’s Prime Minister Jose Socrates, for example, resigned on Wednesday after parliament rejected his government's latest austerity measures, designed to help Portugal avoid having to seek an international bailout. Many analysts believe a bailout is now inevitable, but Cramer isn't concerned. After all, few had heard of Socrates prior to a few days ago, he said. Cramer said he tends to be suspicious of stories that seek to be more important than they actually are.
Meanwhile, there had been concerns over the U.S.-led military action against Muammar Gaddafi in Libya. Cramer doesn't think Gaddafi will win the war against the Western World, though. When the Libyan leader is removed from power, he thinks oil prices will fall to pre-conflict levels.
The market also pushed higher thanks to some positive news, Cramer added.
Red Hat led the tech sector higher after reporting a 43 percent jump in quarterly results. In addition, Baird raised its rating on the firm to "outperform" from "neutral." Micron also jumped despite reporting an 80 percent drop in profits and deteriorating margins. In addition, at least three brokerages raised their price targets on Micron.
Cramer said the "absence of bad news coupled with good news" was "a recipe for stocks going higher."
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—CNBC.com contributed to this report