The US stock market could rise further if President-elect Joe Biden manages to smooth over the embarrassing start of Covid vaccinations in the country, Jim Cramer of CNBC said on Wednesday, just hours before the Democrat took office.
“It’s pure chaos. I predicted it would be pure chaos. I never thought it would be so bad,” Cramer said of the vaccine launch on Squawk Box. “If President Biden says only on the first day, ‘It’s an elimination. We have plans, the army is preparing, “I think this market could explode.”
Additional incentives are needed to support Americans and businesses that have been hurt by the pandemic, Cramer said. However, he argued that the most necessary fuel for the stock market to continue its robust recovery from pandemic-era lows is the appropriate way to distribute and administer vaccines.
“I think we’re all under siege. I think an orderly transfer of power, combined with a well-defined plan to give us vaccines as they launch, will make this market grow enormously,” the host said. . “Anything else, I’m not saying it’s irrelevant, but you can’t open this economy until we’ve thought about how to take the Pfizer and Moderna vaccines into our arms.”
Biden is committed to delivering 100 million doses in its first 100 days. Last week, he detailed his plan to do so, which includes reaching out to the National Guard and the Federal Emergency Management Agency to set up large-scale vaccination sites across the country. Biden also intends to speed up the availability of Covid vaccines at local pharmacies.
Cramer said he believes Biden’s plan to make the federal government play a more active role in administering vaccines is necessary. Even so, Cramer said Biden set a high standard through his 100-day vaccination commitment.
“I think it’s going to be a different clock than I’ve ever seen, where there’s a belief that there’s a plan now. When you set those expectations, the clock starts at noon,” said Cramer, 65, who received the dose. initial vaccine.
As of Tuesday morning, the United States has administered 15.7 million doses of vaccine, according to data compiled by the Centers for Disease Control and Prevention. 31.2 million doses were distributed.