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(Kitco News) Shares are taking a look at a post-COVID world with the news that Pfizer and BioNTech COVID-19 vaccine is 90% effective. CNBC’s Jim Cramer described the record rally in the stock as “justifiable”.
The Dow hit a new high as it rose 1,317 points, or 4.7% on Monday morning. The S&P 500 also posted new record highs, up 3.5%. The Nasdaq Composite was up 1.3%. The Russell 2000 Index advanced 5.8%.
“The event is justifiable. [The vaccine news] a new discussion begins – what post-COVID America will be like, “Cramer told CNBC.” We arrived thinking the disease was out of control. Some states felt they had lost all ability to contain it. People were talking about a national bloc under the new president. This could end it. “
Following the news of Joe Biden’s presidency over the weekend, the focus has shifted to a wave of new coronavirus cases in the United States, which are reporting a new total of more than 9.9 million cases, according to data. of Johns Hopkins University. On Sunday alone, the United States also saw 100,762 new cases and 453 new deaths. This marked the fifth-highest day since the pandemic began in March.
“Country … [is] be really shot down by this. This is a real opportunity. These are not some companies that have never introduced anything to the market. This is one of the largest companies in the world. I want to emphasize that the cynicism of science was relentless, “Cramer said.” There is a belief among some people that science would never be able to address this problem. This is also wrong. “
On Monday, Pfizer Inc said its experimental COVID-19 vaccine was over 90 percent effective.
“Today is a great day for science and humanity,” said Albert Bourla, Pfizer president and chief executive officer. “We are reaching this milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals approaching overcapacity and economies struggling to reopen.”
Vaccine news allows markets to look beyond this crisis and start setting prices in a post-COVID world.
“This is a reason for sincere optimism; why don’t we just celebrate it?” Cramer added. “There are a lot of people who felt that growth would drop dramatically, and I think that will be out of the question, and people will have to radically revise their upward estimates from next year.”
Last week, Cramer also commented on gold, saying that if the precious metal can hold half of $ 1,800, it has a chance to take $ 2,153 an ounce.
“I want that money, I hope you do too,” Cramer said.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and / or damage resulting from the use of this publication.
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