The rally on Wall Street after Pfizer’s Covid vaccine received full approval from the Food and Drug Administration showed that “people are desperate to take action,” CNBC’s Jim Cramer said Monday.
“You rarely see such a simple market, but everything you have with some cyclicality roars today in Pfizer history,” the host of “Mad Money” said.
The S&P 500 advanced 0.8% to close at 4,479.53, while the Dow Jones Industrial Average added 215.63 points, or 0.6%, to end at 35,335.71. The Nasdaq, which has had a high level of technology, outperformed and rose 1.5% to close at 14,942.65.
“What does the market tell us here? … It says people are desperate to get in, desperate to buy stocks even if they have to pay. Now there’s a word for those gains, and that word is obvious,” he said. dir Cramer.
Overall, Cramer said the market reacts favorably to positive news, especially when it comes to information that helps fight the coronavirus pandemic or that outbreaks are improving. Monday’s rally, however, felt a little different, Cramer suggested, rhetorically asking if it was possible that any investor might have been surprised by the FDA’s vaccine approval decision.
“What kind of market with a bonehead buys the news when everyone already knows it?” He said.
Still, Cramer said the way the stocks reacted – with travel-related companies like Airbnb and Lyft, as well as airlines and cruise operators watching their stocks jump – seemed to suggest that at least some investors had enough. reason to buy.
“I put that full concentration on Comirnaty,” Cramer said, referring to the name Pfizer gave his vaccine. Covid’s shots “have already saved tens of millions of people, and today it has also saved your portfolio,” he added.