'The whole market's being upended by the pandemic and the lines they are shifting,' the 'Mad Money' host said.
was the outlier, slipping almost 78 points, or 0.30%, to 25,734.97 on the first trading day of the third quarter.
"This is a terrible situation for our country, it's really bad for the economy as a whole, but incredibly that doesn't necessarily mean it's bad for the stock market," Cramer said. "Think of the stock market like a casino for a moment... When Covid cases spike, people don't cash in their chips and go home, do they? No, they go where the action is. They go where the hot tables are, the hot slots, the hot wheels.
Stocks were lifted in part by new positive information about a coronavirus vaccine being developed by Pfizer and BioNTech. The data indicated its capability to produce neutralizing antibodies, though the study has yet to be peer reviewed.shares, which popped 12% on a strong quarterly report driven by shipping demand in the stay-at-home economy.
"If we can get a vaccine sooner than expected, that's huge for vast swathes of the economy, although it's terrible for the smaller vaccine plays, which is why they got eviscerated," the host said. "FedEx and Pfizer are blue chips that spurred all sorts of high-flying stocks to become even more expensive, and with good reason," he added.
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