It's not just trade and tariffs that are moving the market. CNBC's Jim Cramer said Thursday's market rally was led by big technology companies.
"It's what can launch a real rally," the host of "Mad Money" said Thursday.
"There's no doubt about it: [Thursday's rally] was led by FANG," he said. "Facebook gave you such an amazing quarter, moving this $500 billion stock up 9 percent and giving the rest of tech a beautiful halo. And once tech gets rolling, big wheels, this stock creates its own rising tide. It lifts all ships in the sector."
Facebook shares surged 9.1 percent after the company posted better-than-expected earnings and revenue for the first quarter. Amazon also reported better-than-expected earnings Thursday after the bell, up nearly 7 percent. But it wasn't just the technology sector that had a good day. The Dow Jones industrial average closed 239 points higher. The S&P 500 gained 1.1 percent with tech up 2.3 percent. The Nasdaq composite also closed higher at 1.6 percent.
And Facebook has had an incredible run, Cramer said.
"The sales were excellent, the bottom line hefty; the chatter about the next quarter, the one where they're going to have to face the full fallout from the Cambridge Analytica fracas, was sparse, but generally viewed as positive," Cramer said. "In fact, the only negative on the whole call involved what could happen when the new European regulations in privacy that begin next month."
Cramer pointed out, that despite the #deleteFacebook hashtag that began circulating online after the data breach, users are not abandoning the platform. Engagement is actually up, as is advertising. During the first quarter, advertising increased by 43 percent.
"That's a huge head of steam," Cramer said.
And while large-cap tech companies are spending money "like it's going out of style," Cramer said this is a sign of positive growth.
Disclosure: Cramer's charitable trust owns shares of Facebook and Amazon.