CNBC's Jim Cramer told investors why he thinks the market was able to rally on Thursday, citing continued momentum in the tech sector and new inflation data suggesting the economy might be amenable to interest rate cuts.
The Nasdaq Composite advanced to its first record high since 2021, popping 0.9% as tech and chip stocks saw gains.
Salesforce also issued a light forecast on Wednesday night, but the stock managed to recover and finished up about 3% on Thursday, bringing up other tech stocks with it, Cramer said.
And a "usually tempered" Citi analyst indicated on Thursday he was bullish on semiconductors, which bodes well for AI stocks, according to Cramer.
"Now, there were some laggards today, of course, I get that—there were plenty of safety stocks that weren't so safe," Cramer said.
Persons:
CNBC's Jim Cramer, we've, Cramer, Snowflake, Salesforce, Dell, tech's
Organizations:
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