Stocks on Tuesday rebounded from a weak morning trade, powered by moves from younger traders, CNBC’s Jim Cramer said after the close.
Before the S&P 500 managed to set new highs during the trading day, the broad index was down 0.35% at its lows. The index swung up 0.28% by the end of the session, closing at a record 3,702.25.
“You need to know that this rally from the bottom was largely fueled by younger investors who can’t resist … and buy the dip,” the “Mad Money” host said. “They love to buy when stocks are down, regardless of the news backdrop, and they’ve got enough clout these days to move even some of the biggest stocks going higher in the market.”
The Dow Jones and the tech-heavy Nasdaq Composite also climbed to new intraday highs, though the blue-chip index fell short of a closing record. The Dow fell 97 points before rising to end the session up 104 points, or 0.35%, at 30,173.88. The Nasdaq was down 0.53% before ending the day 0.50% higher at 12,582.77, a new high.
“I wanted to give you the beginning of their playbook. I am going to come back again and again because I respect them,” Cramer said. “While these buyers may be young, we’re in a market where callow youth has an edge over their cynical elders.”
Below is a list of stock picks popular among younger investors, according to Cramer: