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Cramer highlights pluses for the market

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Stocks managed to end higher Tuesday, with the S&P 500 hitting a new high above 1,750, after the tepid September jobs report gave further evidence to investors that the Federal Reserve will continue to support the economy at the current pace.

"We're back into bad news is good news mode, and the bad news is that employment's weak and getting weaker, which will send interest rates back to levels that encourage all sorts of economic activity here while at the same time driving the dollar lower to a level that benefits our exporters," said "Mad Money" host Jim Cramer.

Lower oil prices will ultimately lead to less expensive gasoline, too, he added.

Stocks that pay a dividend yield comparable to Treasurys languished when rates were low, but those stocks are roaring now that rates are in retreat, Cramer said. For example, Kimberly-Clark, Clorox, Kellogg and General Mills have all climbed higher.

A falling dollar has helped international companies hurt by unfavorable exchange rates, and they'll now benefit from currency exchange for all overseas profits, Cramer said. McDonald's and Honeywell International, as well as automakers Ford Motor and General Motors stand to benefit, he said.

Lower oil prices have led to renewed interest in food, travel and leisure, Cramer said, because when people pay less for gas, they can do more discretionary spending. Delta Air Lines reported strong earnings and FedEx shares continue to climb, both helped by lower fuel prices. Retailers Wal-Mart and Target also have been performing well, he said.

So what's the bottom line?

"There was enough good stemming from this employment number—lower rates, lower oil prices and a lower dollar—that we bought some more rally," Cramer said. "Interest rate declines are never a bad thing and the longer they go on, the more these winners keep powering higher, reminding you that when Washington's away the bulls do play."

When this story was published, Cramer's charitable trust owned Ford and Honeywell.

Call Cramer: 1-800-743-CNBC

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