How Hiring Is Hurting Some Stocks

The one thing causing some stocks to go down, Cramer said Friday, is that businesses are starting to hire.

Taking on new employees is an expense, so Cramer said Wall Street analysts would rather see companies continue to have "fantastic profits." In other words, analysts prefer companies operate as they had throughout the Great Recession: freeze hiring while raking in massive profits.

However, managers now realize that to grow revenues, they need to start hiring. For that, the "Mad Money" host praised business leaders and said more hiring needs to be done.

Meanwhile, Cramer is watching bank stocks in Friday's market.

Bank of America shares fell after the financial institution said it was hit by writedowns on home loans while trading revenue was also lower than expected. CEO Brian Moynihan told CNBC, however, that the bank's core businesses are gaining strength. Regional bank BB&T both beat expectations, sending the shares of most regional banks higher. Major banks, like Citigroup , also rose.

Citigroup's stock has been struggling this week after having reported earnings that fell short of expectations. Cramer downplayed the earnings miss, though, stating that in five of the last nine quarters, the stock tends to run up big and then gets hit after reporting. A few days later, it tends to stabilize and comes back after investors realize its problems are receding. That's just what's happening now, said Cramer, praising CEO Vikram Pandit.

Elsewhere in the market, Cramer congratulated General Electric on profits that jumped 51 percent and revenues that also beat Wall Street's expectations. Cramer noted it's a major industrial company using its financial arm to finance the cost of big capital equipment, like gas turbines, locomotives and more. With a "dramatic increase" in appliance sales, he would buy Whirlpool right now.

When this story was published, Cramer's charitable trust owned Bank of America. General Electric is the parent company of NBC Universal, which operates CNBC.

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— contributed to this report.