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    Crackdown on farm protests, Tikait holds out in UP Gate standoff | India News

    Week after Cyclone Amphan, Kolkata hit by squall at 96 kmph – india news

    Week after Cyclone Amphan, Kolkata hit by squall at 96 kmph – india news

    Maharashtra, Delhi, Tamil Nadu, Gujarat, Rajasthan, Uttar Pradesh, Bihar

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    LAC stand-off | Trump surprises with offer to mediate as India, China stress bilateral resolution

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    Air travel in India and the US: What has changed?

    Mamata petitions PM against ‘whimsical’ scheduling of Shramik trains | India News

    Mamata petitions PM against ‘whimsical’ scheduling of Shramik trains | India News

    After Hard Position On New Map And Rebuke By India, A Change In Nepal

    After Hard Position On New Map And Rebuke By India, A Change In Nepal

    Lockdown: Toddler’s failed attempt to wake up dead mother leaves internet, conscience shaken | India News

    Lockdown: Toddler’s failed attempt to wake up dead mother leaves internet, conscience shaken | India News

    India under Narendra Modi can’t be threatened: Ravi Shankar Prasad on China face-off | India News

    India under Narendra Modi can’t be threatened: Ravi Shankar Prasad on China face-off | India News

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  • Economy

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Cramer says the stock market too optimistic about economic recovery

by mynews
May 27, 2020
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Cramer says the stock market too optimistic about economic recovery
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CNBC’s Jim Cramer said Wednesday that he thought some stocks were rallying too far too quickly given the high level of unemployment in the United States as the economy tries to pull out of the coronavirus slowdown. 

“It’s too ‘happy days are here again,'” Cramer said on “Squawk on the Street.” “It’s just not going to work like that. Not with 38 million unemployed.”

Stocks that would benefit from a faster economic recovery jumped on Wednesday as the Dow Jones Industrial Average surged more than 300 points in the opening minutes. Some of the biggest gainers were beaten-down airlines and cruise lines, with American Airlines and Carnival both jumping 8% early. But by late morning, the Dow was giving up much of those gains.

The “Mad Money” host pointed to travel stocks and the recent run-up for tech giant Facebook as moves that he thought were disconnected from the fundamentals of the economy and the businesses. 

“You can’t keep building on a castle of sand. I see a lot of quicksand underneath some moves. I wish we would just calm down and digest some of these things,” Cramer said.

Since government officials around the country began shutting down nonessential businesses to slow the spread of the coronavirus pandemic, unemployment has risen at a record rate. New jobless claims have surpassed 38 million, continuing to grow after April’s unemployment reading showed 14.7% of the workforce without jobs. 

The stock market sold off beginning in late February, before unemployment began to spike. The market has rallied from its low point in late March. The tech-heavy Nasdaq has turned positive for the year, while the S&P 500 has lost more than 6% and the Dow is down more than 11%. 

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