Stocks fluctuated Monday as the first coronavirus vaccines arrived at distribution sites across the U.S. but fears of renewed lockdowns tempered gains on Wall Street.
New York City Mayor Bill de Blasio warned residents they should prepare for a full shutdown to stem a further surge in the coronavirus.
The Dow rose 14 points, or 0.05%, to 30,060, the S&P 500 gained 0.12% and the Nasdaq was up 0.77%.
TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke about Oracle’s move to Texas, Tesla’s stock ahead of its addition to the S&P 500 and what investors can expect from the markets this week.
Oracle: Buy Or Sell?
Last week Oracle said it was moving its headquarters from the Silicon Valley to Austin, Texas. “Oracle is implementing a more flexible employee work location policy and has changed its Corporate Headquarters from Redwood City, California to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,” CNBC reported.
Cramer said the move by Oracle was shocking because it’s such a California institution. “They’ll get all the great coders they want in Texas. The move makes a great deal of sense particularly because the tax regime is so great.”
Tesla: Buy Or Sell?
Electric vehicle maker Tesla last week said that its Model S and Model X electric vehicle production lines will close from December 24th to January 11th, CNBC reported.
Cramer said Tesla is going to be added to the S&P500, it’s a technology company that people really like. “I got positive on Tesla in November of last year right before the really big run. People who say that I kept them out, those people are fools. You couldn’t get a more blatant call that the company can raise a lot of capital so I recommended the stock when it was a fraction of what it is today.”
Markets This Week
A nurse at Long Island Jewish Medical Center in New York City received the first dose of the Covid-19 vaccination in the United States. The emergency use authorization for the vaccine from U.S. health agencies came on the same weekend as the country surpassed 16 million confirmed coronavirus infections and nearly 300,000 deaths from the virus.
Cramer said investors should recognize these are the things that we’ve been waiting for. “This is a very seasonably good time to time to own stocks. It’s usually bid up from here till a little bit after Christmas. And people should understand that. I don’t want people to conflate my decision to take some profits with the idea that I don’t like the market. It’s ok for young investors to make sales to lock in gains even if they like certain stocks.”
This article was originally published by TheStreet.