Jim Cramer Says Goldman Sachs and Morgan Stanley “Have Been in a Club of Their Own”

The Goldman Sachs Group, Inc. (NYSE:GS) was among the stocks Jim Cramer highlighted on Mad Money as he noted that the market has an appetite for stocks. Cramer mentioned the stock while discussing banks, as he commented:

We saw a host of non-data center stocks do well today… The banks went up… The financials are arguably the most important sector…  out there, and they’ve been the worst performers of the year. Goldman Sachs and Morgan Stanley are both winning big in the hyperscaler stock derby, running away with the honors and deals, but they have been in a club of their own. Today, we saw something like, saw real life in real banks like JPMorgan, PNC, Citigroup, a bunch of the other large banks, a sign that the economy may be healthier than we think.

Photo by Adam Nowakowski on Unsplash

The Goldman Sachs Group, Inc. (NYSE:GS) provides financial services, including investment banking, asset and wealth management, and banking solutions. During the June 2 episode, Cramer mentioned the stock and said:

I want to find an antidote to some other, maybe some other sectors, where growth stocks in non-growth sectors are now being thrown away. I want to be systematic about it, so here’s what I thought. I drew up a list of the worst-performing sectors in the S&P 500 this year, looking for stocks that seem way too out of favor within those sectors. The most miserable part of this market right now are the banks.

People have lost faith in the bank stocks because of credit worries. Nothing drives buyers away like credit issues. And with the economy weakening thanks to the price of gasoline, we have to ask ourselves which financials can withstand the pressure. Now, the investment banks like Goldman Sachs and Morgan Stanley, they’ve got relatively little exposure to consumers. They’ve been monstrously good stocks to own. We love Goldman. We have a big position in it for the Trust.

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