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The US stock market could rise if President-elect Joe Biden manages to smooth out the country’s difficult start on Covid vaccination, 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,” Cramer said of the vaccine rollout on ‘Squawk Box’. If President Biden just said on day one, ‘It’s a redesign. We have plans, the military is getting ready, “I think this market could explode.”
There is a need for additional stimulus to support Americans and businesses that have been affected by the pandemic, Cramer said. However, he argued that the most necessary fuel for the stock market to continue its strong recovery from the lows of the pandemic is the timely manner of vaccine distribution and administration.
“I think we are all struggling. I think an orderly transfer of power, coupled with a well-defined plan to give us vaccines as they are deployed, will allow this market to grow enormously,” said said the “Mad Money” the host said. “Everything else, I’m not saying it’s irrelevant, but you can’t open up this economy until we figure out how to fit the vaccines from Pfizer and Moderna into our arms.
Biden has pledged to deliver 100 million doses in its first 100 days. Last week, he detailed his plan to do so, which includes asking the National Guard and the Federal Emergency Management Agency to set up large-scale vaccination sites across the country. Biden also plans to speed up the availability of Covid vaccines at local pharmacies.
Cramer said he believed Biden’s plan for the federal government to take a more active role in administering vaccines was necessary. Even so, Cramer said Biden had set the bar high with his 100-day vaccination promise.
“I think it’s going to be a different clock than any we’ve ever seen, where it’s believed that there is currently a plan. When you set those expectations, the clock starts at noon,” said Cramer, 65. years old, who received their initial dose of vaccine.
As of Tuesday morning, the United States administered 15.7 million doses of the vaccine, according to data compiled by the Centers for Disease Control and Prevention. There were 31.2 million doses distributed.
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