Cramer says stock market comeback fueled by scramble to get back in after omicron overreaction
Jim Cramer appears on CNBC’s Halftime Report.
Scott Mlyn | CNBC
CNBC’s Jim CramerAccording to Tuesday’s statement, investors were caught off guard by Tuesday’s market snapback. This rush to get back in stocks is fuelled by emerging evidence that suggests the omicron Covid variant may not be as severe as initially thought.
This caught many people off guard. If you go back to the eight-session tape, you’d think that the omicron would spread in the exact same manner as delta. Delta was the real culprit in our economic downfall. Cramer explained that so far this is not the case for omicron. “Squawk on the Street.”
Preliminary dataThe severity of the omicron was “a little encouraging,” Dr. Anthony Fauci, White House chief medical adviser, said on Sunday. This came after South Africa released early data that suggests it might not be as severe as originally thought.
Instead, the overreaction has been so severe in both oil and common stock that people have this realization: “Wow! We really got sold.” How can I get in? What can I do? “The “Mad Money”The host spoke.
The Dow Jones Industrial AverageAfter a rise of 646 points or almost 1.9%, the open was roughly 300 points higher on Tuesday. Cramer said that investors seem to be less concerned by omicron. Wall Street has been volatile recently after a loss week. This is evident in the Dow’s volatility since Nov. 26, when it plunged 905 points.