Jim Cramer stated the inventory market may explode if Biden steps up Covid vaccine adoption
The U.S. stock market could rush higher if President-elect Joe Biden can smooth the country’s rocky start for Covid vaccinations, CNBC’s Jim Cramer said on 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 that bad,” said Cramer of the vaccine launch on Squawk Box. “If, on the first day, President Biden just says, ‘It’s a revision. We have plans, the military is getting ready.’ I think this market could explode. “
Additional incentives are needed to support Americans and businesses affected by the pandemic, Cramer said. However, he claimed that the most necessary fuel for the stock market to continue its robust recovery from the lows in the pandemic was a timely manner of vaccine distribution and delivery.
“I think we are all pressed. I think an orderly transfer of power combined with a well-defined plan to give us vaccines when we launch it will allow this market to grow enormously,” the Mad Money host said . “Anything else, I’m not saying it’s irrelevant, but you can’t open this economy until we figure out how to get our arms around the Pfizer and Moderna vaccines.”
Biden has pledged to give 100 million doses in its first 100 days. Last week he outlined his plan to do so, including tapping into the National Guard and Federal Emergency Management Agency to set up large-scale vaccination sites nationwide. Biden also plans to accelerate the availability of Covid vaccines in local pharmacies.
Cramer said he felt Biden’s plan to have the federal government play a more active role in vaccine delivery was necessary. Still, Cramer said Biden had set a high bar with his 100-day vaccination promise.
“I think it will be a watch like we’ve never seen before. It is believed that there is currently a plan. If you set those expectations up, the clock will start at 12 noon,” said Cramer, 65, who has his Receiving initial dose of vaccine.
According to the Centers for Disease Control and Prevention, the US administered 15.7 million doses of vaccine Tuesday morning. 31.2 million cans were distributed.