Jim Cramer on “Crazy Money.”
Scott Mlyn | CNBC
A year ago, on Tuesday, the S&P 500 suffered its worst one-day decline in more than three decades, amid a severe decline of a few weeks triggered by the global coronavirus pandemic.
Shares recovered more than the rapid fall in prices, fueled by the government’s historic intervention that helped prevent an even tighter crisis, Jim Cramer of CNBC said on Tuesday.
“If you learn one thing from the pandemic … I want you to remember that betting on the end of the world is a piece of shit,” said the “Money Crazy” host. “The next time you think the world is ending, you have to assume it’s not. I want you to take the other side of the trade. I want you to bet against the end of the world.”
Major averages fell about a week after the March 16, 2020 session.
Since last year, the Nasdaq Composite has doubled since Tuesday’s close of 13,471.57. The S&P 500 and the Dow Jones industrial average returned more than 80% to 3,962.71 and 32,825.95, respectively.
Cramer has credited Washington lawmakers and officials with helping to change the market as a result of thousands of business closures and millions of jobs lost.
“When policymakers are actually learning from the past and scientists are working their magic, then the darkest moment is really just before dawn and the light at the end of the tunnel is a real sun, not that of an approaching train. “Cramer said.