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
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
With the news of Wells Fargo's questionable account-opening tactics this week, many worried investors have asked Jim Cramer what to do with their bank stocks.
"Altogether it feels like banking Armageddon, not long after we were in banking heaven. I say if you own these, just let it play out. Higher rates will come eventually and they will boost the bottom line," the "Mad Money" host said.
Last week, Wells Fargo agreed to pay $185 million in fines after admitting to opening tens of thousands of unauthorized customer accounts. Wells Fargo CEO John Stumpf appeared on "Mad Money" and apologized for the bank's actions on Tuesday, but the stock plummeted for the rest of the week.
Stumpf is set to appear on Capitol Hill next week to answer questions surrounding the controversy, and Cramer expects the stock will get hit again.
"It will be ugly, so the stock, which we own for my charitable trust, could come under even more pressure next week," Cramer said.
Bank stocks rallied just a few weeks ago as investors anticipated that the Federal Reserve would raise interest rates as soon as next week. Bank stocks had roared on commentary from Fed Chair Janet Yellen in Jackson Hole and were ripe to fall.
Additionally, the Justice Department is now seeking $14 billion from Deutsche Bank for actions involving the mortgage crisis that stemmed from the Great Recession. Since Deutsche Bank only has an $18 billion market cap, a $14 billion fine would have a significant effect.
"Deutsche Bank's public rebuff of the claim seems ill-advised," Cramer said.
Deutsche Bank may want to avoid paying a fine and may think it's outlandish, but so did Bank of America, JPMorgan and Citigroup, Cramer said. They ended up paying $16.7 billion, $13 billion and $7 billion, respectively, to resolve their legal situations.
"I can't help but wonder if Wells Fargo thought it was getting off lightly with its $185 million in fines, and misjudged the public outcry and the possibility of Justice going after it for wrongdoing, too, something that we heard rumored later in the week," Cramer said.
For investors who have not yet entered the banking group, Cramer recommended a better entry point in the future. There is no need to buy the stocks after the first dip that is inevitable if the Fed does not raise rates next week.