CNBC's Jim Cramer on Thursday said multiple segments in the stock market have crossed over from bear to bull market territory in recent weeks as the U.S. economy continues its recovery from the coronavirus lockdown.
The market action has helped raise the major averages, which have all clawed back a chunk or all of their losses from the coronavirus sell-off between February and March. A bear market is defined as a stock price that's 20% below a recent high.
After Thursday's session the Dow, which slipped about 40 points, is now within 12% of its all-time closing high. The S&P 500, which inched up 0.06%, is now within 8% of its own February high. The Nasdaq Composite is within 1% of the record close it set a little more than a week ago.
"When a rally has leaders from many different groups, [we] say it has good breadth," the "Mad Money" host said, "and the better breadth we have the more kissable this market is, and that's what we're actually seeing right now."
The stock guru pointed out 10 bull markets on Wall Street and highlighted the stocks that are leading the way higher.
"The 10 bull markets I just mentioned will keep working as America reopens," Cramer said. "But rampant speculation" is just an "accident waiting to happen."
Disclosure: Cramer's charitable trust owns shares of Amazon, Take-Two Interactive and McCormick.