Jim Cramer: 'Stop saying the market makes no sense'
CNBC's Jim Cramer on Monday said stocks that benefit from the pandemic led the market higher as the coronavirus outbreak continues its spread across the country.
The major averages all made gains during the session, with the Nasdaq Composite setting another record, despite the grim picture painted by a top coronavirus response official the day prior about the state of the outbreak.
"Stop saying the market makes no sense," Cramer said on "Mad Money." "When the pandemic's out of control, you better believe the Cramer Covid-19 Index will lead us higher. And, yes, these companies are absolutely big enough to drag the averages with them and, amazingly, go much higher."
The Dow Jones advanced 236 points, or 0.89%, to close at 26,664.40 on Monday. The S&P 500 gained 0.72% to reach 3,294.61, and the tech-heavy Nasdaq surged 1.47% to a 10,902.80 closing high.
On Sunday, Dr. Deborah Birx, the White House coronavirus task force coordinator, said the U.S. has entered a "new phase" of the virus' spread. The outbreak has become "extraordinarily widespread," she said while warning about its growing impact on rural communities.
As of Monday afternoon, the U.S. has recorded nearly 4.7 million positive Covid-19 tests and 155,165 deaths linked to the disease, according to data from Johns Hopkins University.
When asked about former FDA Commissioner Scott Gottlieb's projection that the death toll could top 300,000 — nearly double the current U.S. toll — by the ...
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