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Jim Cramer explains how the market was able to virtually shrug off a major oil shock

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'In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973,' Jim Cramer says.

"It's amazing how the averages pretty much shrugged off such a major [oil production] decline," CNBC's Jim Cramer says.

"So there were real areas of weakness, but the truth is this market held up incredibly well," he says after the major indexes fell less than 1% following drone attacks on Saudi Arabia's oil facilities.

 

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