Jim Cramer in “Mad Money”.
Scott Mlyn | CNBC
On Tuesday, a year ago, the S&P 500 suffered its worst single-day decline in more than three decades, amid a severe weeks decline triggered by the global coronavirus pandemic.
The stock more than recovered from the rapid drop in prices, driven by historic government intervention that helped prevent an even stronger crisis, CNBC’s Jim Cramer said on Tuesday.
“If you learn just one thing from the pandemic … I want you to remember that betting on the end of the world is a game of fools,” said the host of “Mad Money”. “The next time you think the world is ending, you have to assume that it isn’t. I want you to take the other side of the trade. I want you to bet against the end of the world.”
The main averages reached the minimum level about a week after the March 16, 2020 session.
Since its low last year, the Nasdaq Composite has more than doubled at Tuesday’s close of 13,471.57. The S&P 500 and Dow Jones Industrial Average recovered more than 80% to 3,962.71 and 32,825.95, respectively.
Cramer gave credit to lawmakers and officials in Washington for contributing to the recovery of the market after thousands of companies were closed and millions of jobs were lost.
“When our lawmakers really learn from the past and our scientists work their magic, then the darkest moment really is just before dawn and the light at the end of the tunnel is the genuine sun, not that of an oncoming train,” he said. Cramer.