FANG, Cramer's acronym for the stocks of Facebook, Amazon, Netflix and Google, now Alphabet, got several boosts despite being a disliked group for the past several weeks.
"In the last 24 hours, we heard that Facebook, letter F, is now going to charge for Messenger, one of its greatest yet-to-be-monetized assets. Letter A, Amazon? Prime Day exceeded all expectations, including the incredibly high ones that I set. N, Netflix, catching a lot of love just today from analysts who're seeing great international growth. And then ... Alphabet won a billion-dollar tax fight in Europe," Cramer said.
Thanks to a pickup in Chinese markets, cyclical stocks have been surging, with the stock of construction machinery manufacturer Caterpillar hitting a 52-week high.
"There's no better sign of worldwide growth than CAT hitting those hallowed levels," Cramer said.
An unusual sector to be running up in tandem with cyclical stocks like Caterpillar, Cramer saw that the drug stocks also got a boost, which he attributed to Yellen's congressional testimony.
"When the Fed chief says we have admittedly slow growth with no inflation to speak of, the playbook — and, I'm sure, the algorithms — say reach for Eli Lilly, Johnson & Johnson or Allergan," the "Mad Money" host explained. "Never doubt the playbook."
After American Airlines boosted its revenue outlook on strong June traffic on top of good monthly results from United Airlines and Southwest Airlines, their stocks went flying.
"I love any rally that's led by the airlines because it means that the transports can break out, thereby confirming any strength in the Dow," Cramer said.
This sector not getting hit today gave the market permission to rally, particularly considering the fact that stocks relying on crude oil have the power to drag the market down when prices slide.
"I'm a strong believer in what our resident commodity seer, Carly Garner, has said since she told us to sell in the $50s and buy in the low $40s — oil is range-bound. She seems pretty confident, now that it ticked to $46, that it's going to $50 next," Cramer said. "Don't forget to sell when it gets there, though."
Even though the bank stocks were suppressed due to a decline in interest rates and Yellen's measured approach to rate hikes, payment processing stocks rose, led by Cramer-fave PayPal.
7. Cloud & AI
Cloud and artificial intelligence stocks rallied nicely as well, moves that Cramer's charts on Tuesday showed could be in the works for the technology sub-sectors.
In the wake of Amazon Prime Day, some beaten-down retailers started to bounce back from their lows.
"I like the fact that the despot, Home Depot, which I believe is having a good quarter, is ramping. I didn't see much on Amazon Prime to steal any of that great retailer's thunder, or customers for that matter. Same with Wal-Mart, which I think didn't deserve to sell down that hard and represents some pretty good value here," Cramer said.
Markets across the pond are mounting a long-awaited comeback, something that could in turn help U.S. markets rally even higher. Cramer continued to pound the table on the continent, adding that it could become a particularly hot investment in the second half of 2017.
Negativity around Apple's next iPhone release was swept away on Wednesday as the stock and some of its partners, like Broadcom, soared with the rest of the market.
"Keep days like today in your head," Cramer said. "These are a reminder, a reminder that patience can and does get rewarded. Occasionally the market elects to do what's rational, not what's stupid. Isn't it a delight to watch it unfold?"
Disclosure: Cramer's charitable trust owns shares of Allergan, Apple, Broadcom, Facebook, Alphabet (Class A) and Southwest Airlines.
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