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Cramer: Why the Nasdaq is ready to hit 5K

Why the Nasdaq could hit 5K today

The road is clear for the Nasdaq to reach 5,000 on Thursday, CNBC's Jim Cramer said.

"We had a gauntlet this morning, and all you're looking for in a gauntlet is for nothing earthshaking, whether it's (jobless) claims, durable goods (orders), or inflation," Cramer said Thursday on CNBC's "Squawk on the Street. "

Weekly jobless claims came in at 313,000, the Labor Department reported Thursday. Economists polled by Reuters had expected them to come in at 290,000. Durable goods orders rose a more-than-expected 2.8 percent for January, after falling 3.7 percent in December.

Read More Nasdaq takes another run at 5,000; data in focus

Another factor paving the way for the Nasdaq to reach the magical number of 5,000 is the performance of European and Chinese markets. "You would've never thought the Irish 10-year yield would be under 1 percent. The bonds in Portugal are [also] ridiculously low," Cramer said.

He also noted the Shanghai market has been up recently.

"To get to 5,000 and beyond you have to have a lot of things going for you, and with the exception of Brazil, I see them," Cramer added.

—The Associate Press and Reuters contributed to this story.