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CNBC’s Jim Cramer said Tuesday that investors should look to buy stocks following strong retail sales data and a positive study on treating the coronavirus.
“I’m not saying things are over. But I am saying that the reaction is that people should buy stocks,” Cramer said on “Squawk on the Street.” “There’s are a lot of people who have not been in the market.”
U.S. stocks were soaring Tuesday following a 17.7% jump in retail sales during the month of May as the U.S. economy restarted from coronavirus-induced shutdowns. Economists surveyed by Dow Jones had expected an 8% increase.
“I think is going to be viewed as the V-[shaped] recovery,” Cramer said, referencing a quick downturn in activity followed by sharp return. “I think this is a sign that things are coming back. Just coming back.”
Wall Street also reacted to a study that found a generic steroid drug lowered death rates for patients severely sick with Covid-19 by about one-third. One of the study’s investigators called it a “major breakthrough,” according to Reuters.
The new study that found benefits from dexamethasone is an indication there is “something that could really help us with this illness, to make it so we get out of the hospital,” the “Mad Money” host said.
Cramer has for weeks argued that the country’s economy will be in a stronger position when U.S. residents do not have to be concerned that becoming infected with Covid-19 will be a “death sentence.”
