• CNBC's Jim Cramer on Thursday explained why the market has been swinging up and down on hope and fear.
  • Cramer felt optimistic about the state of the economy after visiting a new Chase branch in an underserved neighborhood in Philadelphia with JPMorgan CEO Jamie Dimon.

CNBC's Jim Cramer on Thursday said recent volatility in the market is a reflection of public sentiment swinging back and forth between hope and fear.

"Bottom line: We've got a schizophrenic market, where each local surge of hope gets squashed by the next national or international fear, which gives way to another round of hope. Sometimes all in one day," he said.

Cramer pointed to his interview with JPMorgan Chase CEO Jamie Dimon, who offered plenty of causes for worry in uncertain macro factors like Russia, Ukraine, oil, gas, migration, trade and China. Part of the interview first aired on CNBC's "Halftime Report," while the rest aired on CNBC's "Mad Money."

But there are also reasons for optimism.

Sectors like agriculture, oil and gas have offered bright spots, Cramer said. He also pointed to tech firm Nvidia, which saw its stock jump 14% after a positive quarter and a bullish outlook on artificial intelligence.

Cramer also felt hopeful after a visit with Dimon at a new Chase branch that's opening in an underserved area of Philadelphia. He came away from the visit bullish on the area's future.

"If Chase can help pull up an underprivileged neighborhood, maybe we're in a much better place than Wall Street's willing to believe," he said.

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