The US stock market could rise further if President-elect Joe Biden manages to smooth the country’s difficult start with Covid vaccinations, CNBC’s Jim Cramer said on Wednesday, just hours before the Democrat took office.
“It’s pure chaos. I predicted it would be pure chaos. I never thought it would be this bad,” said Cramer of the vaccine’s launch in “Squawk Box”. “If President Biden just says on the first day, ‘It’s a makeover. We have plans, get the military ready’, I think this market could explode.”
Additional stimulus is needed to support Americans and companies that have been affected by the pandemic, Cramer said. However, he argued that the most needed fuel for the stock market to continue its robust recovery from casualties in the pandemic era is the timely way to distribute and administer the vaccine.
“I think we are all under siege. I think an orderly transfer of power, along with a well-defined plan to give us the vaccines as they are launched, will make this market go up tremendously,” the “Mad Money” host said. “Everything else, I’m not saying it’s irrelevant, but you can’t open up that economy until we’ve figured out how to put Pfizer and Moderna vaccines in our arms.”
Biden has committed to delivering 100 million doses in his first 100 days. Last week, he detailed his plan to do so, which includes hiring the National Guard and the Federal Emergency Management Agency to create large-scale vaccination sites across the country. Biden also plans to speed up the availability of Covid vaccines at local pharmacies.
Cramer said he believes Biden’s plan for the federal government to take a more active role in administering vaccines is necessary. Still, Cramer said Biden set a high standard with his promise of a 100-day vaccine.
“I think it will be a watch unlike any other we’ve seen, where there is a belief that there is now a plan. When you set those expectations, the watch starts at noon,” said Cramer, 65, who received his dose. initial vaccine.
As of Tuesday morning, the United States administered 15.7 million doses of vaccine, according to data compiled by the Centers for Disease Control and Prevention. There have already been 31.2 million doses distributed.