Business

Do not wager on the top of the world

Jim Cramer on “Mad Money”.

Scott Mlyn | CNBC

A year ago, on Tuesday, the S&P 500 suffered its worst one-day decline in more than three decades amid a severe week-long decline sparked by the global coronavirus pandemic.

CNBC’s Jim Cramer said stocks have more than rebounded from a rapid decline fueled by historic government interventions that helped avert an even worse crisis.

“If there’s just one thing you can learn from the pandemic … I want you to remind yourself that betting at the end of the world is a sucker game,” said the Mad Money host. “The next time you think the world is going to end, you have to assume that it isn’t. I want you to take the other side of the deal. I want you to bet against the end of the world.”

The key averages bottomed out about a week after the March 16, 2020 meeting.

Since its lowest point last year, the Nasdaq Composite has more than doubled since trading closed on Tuesday of 13,471.57. The S&P 500 and Dow Jones Industrial Average both rebounded more than 80% to 3,962.71 and 32,825.95, respectively.

Cramer accused Washington lawmakers and officials of helping to turn the market after thousands of business closings and the loss of millions of jobs.

“If our policy makers are really learning from the past and our scientists are doing their magic, then the darkest moment is really just before daybreak and the light at the end of the tunnel is real sun, not that of an oncoming train,” said Cramer.

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