Cramer says people were 'desperate' to buy stocks after FDA's Pfizer vaccine approval


  • "You rarely see a market that's this straightforward, but anything with any cyclicality roared today on the Pfizer story," CNBC's Jim Cramer said Monday.
  • The "Mad Money" host said Wall Street's reaction to the FDA decision tells him investors are "desperate to buy stocks even if they have to pay up."

The rally on Wall Street after Pfizer's Covid vaccine received full approval from the Food and Drug Administration showed "people are desperate to get into stocks," CNBC's Jim Cramer said Monday.

"You rarely see a market that's this straightforward, but anything with any cyclicality roared today on the Pfizer story," the "Mad Money" host said.

The S&P 500 advanced 0.8% to close at 4,479.53, while the Dow Jones Industrial Average added 215.63 points, or 0.6%, to finish at 35,335.71. The tech-heavy Nasdaq outperformed, rising 1.5% to close at 14,942.65.

"What's the market telling us here? ... It's saying that people are desperate to get in, desperate to buy stocks even if they have to pay up. Now there's a word for these gains, and that word is obvious," Cramer said.

In general, Cramer said the market reacts favorably to positive news, especially when it involves information that helps fight the coronavirus pandemic or shows outbreaks are improving. Monday's rally, though, carried a bit of different feel, Cramer suggested, asking rhetorically if it was possible for any investor to have been caught off guard by the FDA's vaccine approval decision.

"What kind of boneheaded market buys the news when everyone already knows the news?" he said.

Even so, Cramer said the way stocks reacted — with travel-related companies such as Airbnb and Lyft, as well as airlines and cruise operators seeing their shares jump— seemed to suggest at least some investors saw enough of a reason to buy.

"I put this rally squarely on Comirnaty," Cramer said, referring to the name Pfizer gave its vaccine. The Covid shots have "already saved tens of millions of people, and today it also saved your portfolio," he added.