Cramer says stock market comeback fueled by scramble to bounce back after omicron overreaction
By CNBC Jim Cramer The rapid market response has caught many investors off guard, said Tuesday, and it is being fueled by a rush to return to equities as emerging evidence indicates that the Covid omicron variant has may not be as serious as initially thought.
“I think this surprises a lot of people because if you rewind the tape to eight sessions ago, you think that the omicron is going to spread essentially the same way that delta did. Delta has really stymied the economy. So far, that’s not been the case” with omicrons, Cramer said “Squawk on the street.”
Preliminary data White House medical adviser Dr Anthony Fauci said on Sunday, after the release of initial figures from South Africa suggesting it may not be as bad as initially feared.
“Instead, what happened was a severe overreaction to both oil stocks and common stocks, to the point where you have a moment where people realize, ‘Well, we actually did. oversold. What can I get? Did I miss the sale? “” “Mad Money” said the presenter.
NS Dow Jones Industrial Average about 300 points higher shortly after opening Tuesday and skyrocketing from there, a day after rising 646 points, or nearly 1.9%. As Cramer pointed out, investors are less and less worried about omicrons. Wall Street, which experienced a week of losses, has been volatile lately, as evidenced by the Dow’s ups and downs since it plunged 905 points on Nov.
