UPDATE: 'Clueless' investors just keep driving this 'stupidly bullish' stock market higher, CNBC's Jim Cramer says
By Shawn Langlois, MarketWatch
Is this the 'dumbest action' of the year?
That's CNBC "Mad Money" host Jim Cramer shaking his head at 'clueless' investors (https://www.cnbc.com/2020/08/04/jim-cramer-i-cant-take-how-stupidly-bullish-this-market-can-be.html) who ignored multiple warning signs to buy up stocks during Tuesday's bullish trading action.
"Never underestimate the power of enthusiastic buyers who do not know what they're doing," he said after the Dow Jones Industrial Average finished the session with a triple-digit gain. The S&P 500 and Nasdaq Composite also ended higher.
He specifically pointed to oil giant
In Sorrento's case, Cramer pointed out the stock barely rallied last week when the company announced a new saliva-based Covid-19 test that yields results within half an hour. But then on Tuesday, the stock surged for the same reason. "The stock market's supposed to be efficient," he said, "but somehow it took Wall Street six days to process this news."
Watch this clip:
As for Wednesday's session, more stupidity? The Dow was up more than 300 points, at last check, while both the S&P and Nasdaq were adding to recent gains, as well.
"Are any of these moves the fault of the Fed?" Cramer wrote in a separate take (https://realmoney.thestreet.com/jim-cramer/jim-cramer-says-buyer-beware-15390807). "No, the fault, as Cassius tells us, is not in our stars like Trump or Powell, but in the buyers themselves."
-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 05, 2020 13:10 ET (17:10 GMT)
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