It's a tale of two Jim Cramers.
The CNBC host before President Donald Trump won the election in November: "If you care about your paycheck, you go with Trump."
The Cramer now after the S&P 500 rose 0.6% Monday in another roller-coaster day, after being down as much as 1.7% during the morning. The reversal helped the index shave its loss for the first three months of the year to 4.6%, making it the worst quarter in two-and-a-half years:
"I cannot think of another president in my lifetime who … knocked down the stock market simply by opening his mouth since Jimmy Carter. Eureka! I have found him," Cramer said on air.
He added: "Everything about this economy is good. Everything, everything! Except one thing: We have a president who is very angry at everyone except Vladimir Putin … and his wrath has made investors so downcast and so negative that people have just given up. They want nothing to do with stocks. Nothing to do with this world because they're sure the White House will keep laying on the tariffs that seem to be wiping out your wealth and my wealth."
The Dow Jones Industrial Average on Monday also swerved higher after erasing an initial loss, and it climbed 417 points, or 1%. Slides for Tesla, Nvidia and other influential Big Tech stocks, though, sent the Nasdaq composite down 0.1%.
Such neck-twisting turns have become routine for the U.S. stock market recently because of uncertainty about what Trump will do with tariffs — and by how much they will worsen inflation and grind down growth for economies. Wall Street's swings followed a sell-off that spanned the world earlier Monday as worries built about the effects of the tariffs that Trump says will bring manufacturing jobs back to the United States.
On Wednesday, the United States is set to begin what Trump calls "reciprocal" tariffs, which will be tailored to match what he sees is the burden each country places on his, including things like value-added taxes. Much is still unknown, including exactly what the U.S. government will do on "Liberation Day."
At Goldman Sachs, economists expect Trump to announce an average 15% reciprocal tariff. They also raised their forecast for inflation and lowered it for U.S. economic growth for the end of the year.
They now see a 35% chance of a recession in the next year, up from an earlier forecast of 20%, "reflecting our lower growth forecast, falling confidence, and statements from White House officials indicating a willingness to tolerate economic pain," according to Goldman Sachs economist David Mericle.
The Associated Press contributed to this report.
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