The U.S. stock market could rise if President-elect Joe Biden is able to soften the country’s rocky start to vaccines against Covid, CNBC’s Jim Cramer said Wednesday just hours before the Democrat takes office.
“It’s pure chaos. I predicted it would be pure chaos. I never thought it would be so bad,” Cramer said of the vaccine launch on “Squawk Box.” “If President Biden just said the first day,‘ It’s a defeat. We have plans, the military is preparing, “I think this market could explode.”
Cramer said additional incentives are needed to support Americans and companies affected by the pandemic. However, he stated that the most necessary fuel for the stock market to continue its solid recovery from pandemic-era lows is the timely way of distributing and administering vaccines.
“I think we’re all under siege. I think an orderly transfer of power, along with a well-defined plan to give us vaccines as they develop, will make this market go up tremendously,” the “crazy money” host said . “Everything else, I’m not saying it’s irrelevant, but you can’t open that economy until we figure out how to get the Pfizer and Moderna vaccines in our arms.”
Biden is committed to delivering 100 million doses in its first 100 days. Last week he detailed his plan to do so, which includes tapping the National Guard and the Federal Emergency Management Agency to establish large-scale vaccination sites across the country. Biden also plans to speed up the availability of Covid vaccines at local pharmacies.
Cramer said he believes Biden’s plan to get the federal government to play a more active role in vaccine administration is necessary. Still, Cramer said Biden has set a high bar with its 100-day vaccine commitment.
“I think it’s going to be a different clock than we’ve ever seen, where it’s believed there’s a plan right now. When you set those expectations, the clock starts at noon,” Cramer, 65, received the dose. initial vaccine.
Since Tuesday morning, the United States has administered 15.7 million doses of vaccine, according to data collected by the Centers for Disease Control and Prevention. 31.2 million doses have been distributed.