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On CNBC’s “Mad Money Lightning Round," Jim Cramer said the upbeat third-quarter earnings released last week from big banks have changed the tone of the stock market, which has recently seen some sharp volatility.
Although Citigroup Inc’s (NYSE: C) numbers came in better than expected, the quarter still had “some issues,” he said. While the bank didn’t make much progress last quarter, there were no “real setbacks either.”
Cramer pointed out that Goldman Sachs Group Inc (NYSE: GS) reported a blowout quarter on Friday, with earnings and sales coming in much better than expected. The bank’s stock also jumped around 4% following the results. Even if the bank doesn’t make a single penny in the current quarter, this would still be its best year on record, he added.
Price Action: Shares of Citigroup gained 2.1% to close at $72.29 on Friday, while Goldman’s stock rose 3.8% to settle at $72.29.
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