Shares picked up on Tuesday following the four-day streak of losses for the S&P 500, as Food and Drug Administration staff determined that Moderna’s coronavirus vaccine was very effective.
Reports that House and Senate leaders would meet to discuss a coronavirus relief package also boosted sentiment.
The Dow rose 335 points, 1.12%, to 30,196, the S&P 500 gained 1.15% and the Nasdaq rose 0.82%.
Katherine Ross, of TheStreet, discussed the latest news in the stock market. Cramer talked about Moderna’s Covid-19 vaccine, the FTC’s latest order against tech companies, and the need for a stimulus deal.
Modern: Do you want to buy or sell?
Food and Drug Administration staff said Moderna’s (MRNA) – Get the report the Covid-19 vaccine was “highly effective” in preventing the life-threatening disease caused by the coronavirus.
Cramer said if he could get the Modern vaccine, he would get it. “I try to get the Pfizer vaccine from my doctors, but I have the text that says no. I have patience, but I will take it. It will give you a whole new world. It’s a race on foot against the real disease. We don’t know how much Modern can produce in “The numbers we hear from Moderna and Pfizer are aggressive and they may not be able to produce everything they say.”
Facebook: Want to buy or sell?
The Federal Trade Commission told nine technology companies, including Amazon (AMZN) – Get the report and Facebook (FB) – Get the report to share information on how they collect and use their users ’data, the agency said Monday.
Cramer said people should recognize that if you are on social media you are not entitled to privacy under the constitution. “These people are trying to get some privacy out of what you’re doing. If a user posts it’s at their own risk. I don’t think any of that matters. The important thing is what’s going on between Facebook and the FTC and people already they’ve forgotten about it.This is how it works.These things last forever and meanwhile nothing happens. [Facebook is a] good buying opportunity “.
Stimulus treatment
Wall Street remains in tune with lawmakers ’efforts in Washington to draft a stimulus bill, but bitter partisanship has held back negotiations. Many investors believe that a relief package is absolutely essential for the economy to bridge the current gap and the wider deployment of coronavirus vaccines. The Federal Reserve kicked off a two-day meeting on Tuesday, the last meeting of the year for the central bank.
Cramer said the Federal Reserve knows we need to have a deal: “I know the Fed deeply believes we need to have incentives because they recognize that unemployment benefits are disappearing and that eviction notes are starting to come out.”
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