'No broad-based rally from this level is sustainable without a major scientific breakthrough in the fight against Covid-19,' the 'Mad Money' host said.
"This is pretty much as high as we can get, absent a vaccine," Cramer said. "Until then ... stick with theCramer's Covid-19 Index of stocks tailored to the current pandemic and post-pandemic worlds outperformed all the major averages. The index of 100 stocks rose 1.4% during the session.traders have rotated their gains in the recovery stocks to mega-cap tech stocks"When you look at what went up today, it was the Covid stocks," Cramer said.
In his speech Wednesday, Powell signaled that the central bank would leave rates in their current form until it is "confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals." The Fed projects the economy could decline 6.5% this year, followed by a 5% and 3.5% gain in the following years.
"I love having Powell aboard, believe me, but it's the other two Js we need to succeed in making a vaccine," Cramer said. "Or maybe it could be
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