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Cramer says stock market comeback fueled by rush to return after omicron overreaction

Jim Cramer on CNBC’s Halftime Report.

Scott Mlyn | CNBC

CNBC’s Jim Cramer said on Tuesday that the market rally caught many investors off guard, and was fueled by the rush to get back into equities, as emerging evidence indicates the omicron Covid variant may not be so serious than one thought at first glance.

“I think it surprised a lot of people because if you rewind the tape eight sessions ago you thought omicron was going to basically spread the same way as delta. Delta really set our economy back. now it doesn’t. has been the case “with omicron, Cramer said in” Squawk on the Street. “

Preliminary data on the severity of omicron is “a little encouraging,” White House chief medical adviser Dr Anthony Fauci said on Sunday following the release of the first figures from South Africa. South suggesting it might not be as bad as initially feared.

“Instead, what has happened is that overreaction is so bad in both oil and equities that you have this moment when people are realizing, ‘Wow, we have really been oversold. What can I get. The money, ”the host said.

The Dow Jones Industrial Average opened about 300 points higher on Tuesday, a day after jumping 646 points, or nearly 1.9%. As Cramer pointed out, investors are increasingly worried about omicron. Wall Street, which is coming off a losing week, has been volatile recently, as evidenced by the ups and downs of the Dow Jones since it fell 905 points on November 26.

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