Industrial stocks and financial stocks represent good investments as 2014 gets underway and job numbers continue to improve, says CNBC commentator Jim Cramer.

"The interesting story of the fourth quarter will be the interesting story of the first quarter," he said on the "Squawk on the Street" show. "There are not enough quality industrials or shares of industrials around."

He cited 3M, United Technologies, Boeing, Norfolk Southern, Union Pacific, Alcoa, FedEx and DuPont as examples, calling DuPont a "Teflon" stock.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

"This is extraordinary," Cramer noted. "This is where people want to be."

He also likes banks, naming Bank of America as a possibility. "The banks [have] plenty of stock left," he explained.

Cramer's bullish on Apple in the wake of Wells Fargo analyst Maynard Um's downgrade of the stock Thursday.

Um cut his rating to "market perform" from "outperform" partly on worry about a possible reduction of profit margins when Apple releases its next iPhone this year.

But Um didn't lower his share price forecast.

"What's interesting about this downgrade is it's filled with positives," Cramer argued. "It talked about how the new watch is coming out. They have a lot of new products. Holidays appear to be strong. They had a great quarter."

Overall, stocks fell to open the year Thursday.

"More people seem to be wary, as we are, of potential corrections as markets get overexcited," Oliver Wallin, investment director at Octopus Investments in London, told Bloomberg.

"The question is just when to time it."

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

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