Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
In his long career of investing, Jim Cramer has learned that while he is sometimes wrong, the market can also sometimes be dead wrong about stocks.
"Sometimes, you simply have to be patient. Other times, you have to wait. Still other times, you are just plain wrong and you have to own that wrong view," the "Mad Money" host said.
Bank of America reported earnings on Tuesday, and Cramer thought it was a very good quarter. It showed excellent loan growth, good expense control and strong interest income.
Yet when Bank of America reported, the stock quickly went up and before being taken to the woodshed. This was partially due to its energy exposure and also because investors felt expenses weren't cut enough. Cramer was shocked at the decline of the stock considering that the shares are so far behind all of the other major bank stocks.
"I think the market is wrong, and the stock will rally. That is why I have been buying Bank of America for my charitable trust," Cramer said. (Tweet This)
One stock that Cramer admitted he was wrong about is Dow Chemical. The company has been doing very well and offers a juicy yield in the face of an important merger with DuPont. Cramer admitted that he has been wrong about Dow for a half dozen points and was betting that Dow had to bottom.
"You could argue that I just have to admit I'm wrong and move on, and, if it weren't for that dividend, that is probably what I'd have to do," Cramer said.
Read more from Mad Money with Jim Cramer
Another stock that Cramer thinks Wall Street has gotten wrong is Delta. He has been eagerly waiting for it to report. The company has been a big winner, yet the stock has been terrible, down 10 percent for the year.
Despite the fact that it reported stellar earnings on Tuesday, the stock still only sells at seven times earnings. Cramer interpreted this as meaning that the market thinks its CEO has no idea what he is talking about. This made absolutely no sense to Cramer.
"Yes, stocks can be wrong, and I can be wrong. But I'm not giving up on individual stocks," Cramer said.
Cramer accepts that he was wrong about Dow, but he thinks Wall Street has got the wrong perception about Bank of America and Delta — they both deserve to trade higher.