CNBC's Jim Cramer on Monday went over Wall Street's prevailing market worries but explained why he thinks they're not enough to keep the bulls at bay.
"This market keeps climbing an immense wall of worry—that's one reason the rally won't quit, even if we get occasional sedate days like this one," Cramer said.
By Monday's close, the S&P 500 finished near the flat line, while the Nasdaq Composite declined 0.22% and the Dow Jones Industrial Average rose 0.16%.
The Federal Reserve's rate hikes and rising bond yields plagued the thoughts of many on Wall Street, Cramer said. High interest rates had been leading many out of the stock market, but Cramer noted that Treasury yields have actually managed to come down. He also said the Fed may have "more-or-less" won its fight against inflation, but conceded that outcome will become clearer once the consumer price index is released on Tuesday.
Investors are also on edge because of the Israel-Hamas war, and Cramer acknowledged the horrific nature and divisiveness of the conflict. But to him, the market is focused on earnings and interest rates, and so far, he said the war hasn't had a strong impact on either.
"You can't expect the bond market to be worried or sad because people are dying," Cramer said. "The bond market is a tin man — don't ask it to have a heart."
Wall Street was also concerned about the most recent earnings season, but Cramer said many companies' reports were much better than expected, including Apple. He also expressed optimism about recent uncertainty in Washington, citing the Treasury's decision to issue fewer long-term bonds next year as well as U.S. President Joe Biden's upcoming meeting with China's president, Xi Jinping.
"There are a ton of other bricks in the wall of worry. But the ones I just mentioned are the ones that were supposed to cause us to stumble and fall," he said. "Turned out, the bricks couldn't stop the bulls. I'm sure the wall of worry will be rebuilt again. Right now, though, it's just what the bull vet ordered."
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