Risks to This Dow 20,000 rally

Trump or no Trump, this rally to Dow 20,000 is for real, Jim Cramer proclaimed to his Mad Money viewers Wednesday. How can Cramer be so sure? Simple. He's done the homework.
Cramer said he doesn't do top-down analysis. Instead, he looks at what the fundamentals of individual companies tell him. It's a lot of work, he admitted, but it's the only way to know for certain what stocks are actually worth.
Fifteen of the 30 stocks in the Dow Jones Industrial Average have already reported this quarter, and Cramer gave his opinions on every one of them.
Shares of American Express (AXP) are headed back to $90 a share, Cramer said, while Boeing (BA) has clearly put the skeptics to rest with its strong results.
Cramer was also bullish on DuPont (DD) , which posted an amazing number, along with Goldman Sachs (GS) , IBM (IBM) , Johnson & Johnson (JNJ) and JPMorgan Chase (JPM) .
Cramer said he liked the same-store sales numbers for McDonalds (MCD) and he likes what 3M (MMM) had to say on its conference call. He loved the restructuring at Procter & Gamble (PG) and felt Travelers (TRV) could see $123 a share.
Finally, Cramer was bullish on UnitedHealth Group (UNH) , the only health-care stock he's recommending, and United Technologies (UTX) , which posted superb results.
There were only two losers in Cramer's list, General Electric (GE) and Verizon (VZ) . But with 13 winners and only two losers so far, Cramer said that's a recipe for a Dow that rises well past 20,000.
After a historic day on Wall Street, with the Dow reaching 20,000, Cramer took questions from viewers to hear what's on their minds.
The first viewer wanted to know how a strong U.S. dollar would affect multinational companies. Cramer said that after listening to Johnson & Johnson and IBM this quarter, it sounds like these companies have figured out how to manage currency pressures.
The next viewer was curious as to why Cramer thinks Trump will spur increases in interest rates. Cramer explained that economic activity drives the price of money, so if Trump spurs growth, then we should all expect the Federal Reserve to raise rates three times in 2017.
After that, Cramer was bullish on Box (BOX) , Panera Bread (PNRA) and Six Flags (SIX) .

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