Shares of Apple Inc. (NASDAQ: AAPL) closed at a record high Monday, but more important to the broader market is that the iPhone maker is lifting "whole groups with them," according to CNBC's Jim Cramer.
Apple's stock continues to record new all-time highs, in part due to better-than-expected sales of the new iPhone 11, Cramer said on Monday's "Mad Money."
CEO Tim Cook also deserves credit for navigating the company through the trade war by talking to senior members of both the U.S. and Chinese governments, the CNBC host said.
"Cook's not waiting for the trade talks to be resolved," he said. "He's on the front lines, front lines of the trade war trying to calm things down."
Why It's Important
Cook's leadership is translating to positive sentiment around the semiconductor space, Cramer said.
Taking this "pin action" one step further, the strong gains across the semi group are contributing to a "dramatic move in the whole Nasdaq," he said.
The same trend is playing out across the banking sector, led by the "best of the best" JPMorgan Chase & Co. (NYSE: JPM), Cramer said. The stock's "fabulous" gains on Monday helped contribute to the broader bank rally, he said.
Apple's momentum is also easing the worries of "macro junkies" who continue to believe a notable economic slowdown is around the corner, Cramer said.
The price action and positive investor sentiment show that it is "pretty hard to find" any sign of economic slowdown among most domestic-oriented companies, the CNBC host said.
Apple shares were up 0.49% at $241.69 at the time of publication Tuesday.
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Photo by Daniel Lu via Wikimedia.
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