Stocks rebounded on Tuesday after a four-day loss period for the S&P 500 as Food and Drug Administration staff were determined to see Moderna’s coronavirus vaccine be highly effective.
Sentiment was also bolstered by reports that House and Senate leaders would meet to discuss a coronavirus relief package.
The Dow rose 335 points, or 1.12%, to 30,196, the S&P 500 gained 1.15% and the Nasdaq 0.82%.
Katherine Ross from TheStreet discussed the latest stock market news. Cramer spoke about Moderna’s Covid-19 vaccine, the FTC’s latest order against tech companies, and the need for an incentive deal.
Moderna: buy or sell?
Food and Drug Administration staff said Moderna (MRNA) – Request report vaccine against Covid-19 was “very effective” in preventing the potentially fatal disease caused by the coronavirus.
Cramer said if he could get the Moderna vaccine, he would take it. “I’m trying to get the Pfizer vaccine from my doctors, but I have the text that says no. I have patience, but I’ll take it. It will give you a whole new world. It’s a running race against the actual disease. We don’t know how much Moderna can actually produce at this point. The numbers we’re hearing from Moderna and Pfizer are aggressive and they may not be able to produce everything they say. “
Facebook: buy or sell?
The Federal Trade Commission told nine tech companies, including Amazon (AMZN) – Request report and Facebook (FB) – Request report to share information about how they collect and use data from their users, the agency said Monday.
Cramer said people should recognize that when you are on social media, you have no right to privacy under the constitution. “These people are trying to make sure there is some privacy to what you do. If a user posts, it is at your own risk. I don’t think it matters. It’s what happens between Facebook and the FTC and People have already forgotten that. That’s just how it works. These things take forever and in the meantime nothing happens. [Facebook is a] good buying opportunity. “
Stimulus Deal
Wall Street remains aligned with Washington lawmakers’ efforts to draft a stimulus bill, but bitter bias has brought negotiations to a halt. Many investors see an aid package as absolutely essential for the economy to bridge the gap between now and the wider rollout of coronavirus vaccines. The Federal Reserve kicked off a two-day meeting on Tuesday, the last central bank meeting of the year.
Cramer said the Federal Reserve knows we need to make a deal. “I know the Fed is strongly convinced that we absolutely need incentives as they recognize that unemployment benefits are disappearing and the eviction letters are starting to appear.”
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