JPMorgan's stock could reach $100 a share soon and it's thanks in part to rising yields, CNBC's Jim Cramer said Friday.
Cramer spoke as the yield on the 10-year Treasury notes rose in choppy trade Friday morning following the Labor Department's jobs report. The report said the U.S. economy added 222,000 jobs in June, well above the expected 179,000.
Regarding the jobs number, Cramer said some on Wall Street will always find reasons to complain, but he remains optimistic about the economy.
"I look at that broad number and I say this is one of the reasons I remain more sanguine than I think many people," he said. "You get job growth (and) that still gives the Fed reason to do some normalization, which I want because that's good for banks."
I've been in the business long enough to recognize when I see this level of employment, I can't just call it a bubble," he added.
Source: Bloomberg
Junior Trader Stefan Panteleev
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