Thanks to the Federal Reserve, the collapse of Silicon Valley Bank has ended up breaking positive for the stock market, CNBC's Jim Cramer said Wednesday.
Regulators shuttered SVB earlier this month after depositors pulled out billions, practically overnight. Cramer said the Fed had been focused on fighting the "war against inflation," but quickly had to turn its attention to the "instant financial crisis" caused by SVB. "When you go through all the ramifications of the SVB failure, they actually end up breaking positive, not negative, for the stock market — all because of the Federal Reserve," Cramer said.
As a result, he said investors have turned to the Wall Street playbook on what to buy when there's an economic slowdown without inflation: tech stocks. "The bottom line? This market may be mindless, but it's got muscle memory that says you reach for tech in a slowdown," Cramer said. "The Silicon Valley Bank fiasco was just the oxygen the tech bull needed to snap out of its funk and get back to work."
Money printing never fails.
Market dumping
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Fraud spelled with a C and ends with r
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My strategy is to do the opposite of what Jim Cramer recommends.