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Cramer takes to the new high list to prove the rally is wider than it seems

Though it might look like the FANG stocks — Facebook, Amazon, Netflix, and Google parent Alphabet — are the market's only driving forces, Jim Cramer has found otherwise.

"I'm looking at the new high list for the S&P 500 today, and you know what I saw? I like what I saw, which is a broad distribution among the 70 companies that hit this august list — 70 out of 500 making new highs," the "Mad Money" host said on Wednesday.

While the rally may feel tech-driven, Cramer noticed that only 11 of the 70 companies that hit new highs were tech stocks, mostly from the semiconductor space.

Of the rest, 23 were utility companies, an understandable group to be hitting new highs considering the market's worries about a slowing U.S. economy.

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"But that leaves 36 stocks that have nothing to do with tech or utilities rallying today, and those are where I gain solace, solace that perhaps things aren't as narrow or as unhealthy as they seem to so many," Cramer said.

First, he turned to 3M, an industrial conglomerate that has consistently delivered strong results for shareholders.

"I've often called 3M what I call 'a core holding,' meaning it's a stock you never want to sell if you can avoid it," the "Mad Money" host said. "3M is exactly the kind of stock you want on the new high list if you're concerned about a rally being too narrow."

Boeing, the largest aerospace company in the world, also hit a new high. Cramer pointed out that as one of the United States' biggest exporters, Boeing would not be able to sell its products if the economy was dramatically slowing.

Cramer also noticed that railroad operator CSX was on the list, which would also not be outperforming if the cargo industry was on the verge of collapse.

Even with the appointment of new CEO Hunter Harrison, which gave the stock a boost, Cramer takes CSX's success as a sign of strength in commerce.

Consumer strength was illuminated by Carnival Corporation's place on the list. Cramer called the cruise line "the ultimate in discretionary spending," meaning that customers do not need to spend on cruises, but since they are, the consumer cannot be as weak as some may think.

"And then there's the clinchers, frankly: McDonald's, Yum [Brands] and Starbucks. These are three classic growth names that have all the same concerns: labor costs going up, strong dollar liabilities, higher price-to-earnings multiples than we might otherwise expect. But they're all hitting the new high list nonetheless," Cramer said.

Some sectors makes the "Mad Money" host uneasy. One is the downtrodden bank stocks, which have been lower on negative effects of trading, and the oil stocks.

"The oils? If you own 'em, it's deathly," he said. "The fact is, there's too much oil. On the other hand, though, I think the group has already gotten pretty cheap. The oils represent value here and that's not a sin."

And while retail has been a consistent, market-wide concern, Cramer said that Wal-Mart and Costco's successes are at least challenging Amazon's domination.

"Sure, it's easy to point endlessly to the coming FANG apocalypse," Cramer said. "I just want to point out that when you look at the new high list, it's about as broad as you could ask, sans the utilities and their safe dividends. That doesn't mean we should break out the party hats. It does mean that we're in less dangerous territory than many people now think after five fabulous months of 2017 market action."

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