The U.S. stock market could roar higher if President-elect Joe Biden is able to ease the country’s rocky start with Covid vaccinations, CNBC’s Jim Cramer said Wednesday, hours before the Democrat is sworn in.
“It’s pure chaos. I predicted it would be pure chaos. I never thought it would be that bad,” Cramer said of the vaccination of a vaccine on ‘Squawk Box’. “If President Biden just says on day one, ‘This is a do-over. We have plans, military ready,’ I think this market could explode.”
There is a need for additional incentives to support Americans and businesses affected by the pandemic, Cramer said. However, he claims that the most necessary fuel for the stock market to continue its strong recovery from the lowest pandemic era is the timely distribution and administration of vaccines.
“I think we are all besieged. I think an orderly transfer of power, coupled with a well-defined plan to give us vaccines as they begin, will cause this market to go up tremendously,” the “Mad Money “host said. “All the others, I’m not saying it’s irrelevant, but you can not open up this economy until we’ve figured out how we can get the vaccines of Pfizer and Moderna into our arms.”
Biden has promised to deliver 100 million doses in its first 100 days. Last week, he outlined his plan to do so, which includes tapping on the National Guard and the Federal Emergency Management Agency to set up large-scale vaccination sites across the country. Biden also plans to accelerate the availability of Covid vaccines at local pharmacies.
Cramer said he believes Biden’s plan to get the federal government to play a more active role in administering vaccines is needed. Nevertheless, Cramer said Biden has set a high limit with its 100-day vaccine promise.
“I think it’s going to be a watch, unlike anything we’ve ever seen, and there’s a belief that there’s a plan right now. When you set the expectations, the watch starts at noon,” said Cramer, 65. ) said she had received an initial dose of the vaccine.
As of Tuesday morning, the U.S. had administered 15.7 million doses of vaccines, according to data compiled by the Centers for Disease Control & Prevention. 31.2 million doses were distributed.