The stay-at-home trade has returned to Wall Street despite the U.S. launching its Covid-19 vaccination campaign, revealing some insight into how investors gauge the economic bounce back in the near term, CNBC’s Jim Cramer said Monday.
“The recovery stocks are handing the baton back to the lockdown winners because lockdown is where we’re headed,” the “Mad Money” host said, bemoaning ever-increasing coronavirus transmissions and hospitalizations across the country.
“Nobody wants to shut down the economy … even partially, but with infections exploding, hospitals overwhelmed and a horrifying death toll, even the Covid doubters who think that it was just a hoax are starting to take the virus seriously.”
Health officials on Monday began administering Covid-19 shots developed by Pfizer and BioNTech, marking a big step in global efforts to contain the spread of the deadly disease, but the moment was not enough to keep the reopening trade going during the trading day. As U.S. Covid-19 deaths topped 300,000 and worries about a highly contagious winter continue, investors weighed the likelihood of economic shutdowns. KEEP READING