Cramer says stock market comeback fueled by scramble to get back in after omicron overreaction

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  • CNBC’s Jim Cramer said Tuesday that the stock market’s snapback has taken many investors by surprise.
  • The Omicron concerns were so severe that “you have this moment where people realize, ‘Wow, we’re really oversold. What can I get?'” Cramer said.
  • The Dow Jones Industrial Average opened up about 300 points on Tuesday after gaining 646 points.

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CNBC’s Jim Cramer said on Tuesday that the market’s snapback has stunned many investors, and it is being fueled by a rush to get back into stocks as emerging evidence suggests the Omicron Covid version may be as good as earlier thought. I can’t be serious.

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“I think it surprised a lot of people because if you rewind the tape eight seasons ago you thought Omicron was going to spread basically the same way Delta did. Delta really did our economy.” So far, that hasn’t been the case,” along with O’Micron, Cramer said on “Squawk on the Street.”

After the release of preliminary data from South Africa, White House Chief Medical Adviser Dr. Anthony Fauci said on Sunday that preliminary data about Omicron’s severity is “a bit encouraging”.

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“What’s happened instead is something so dire in both oil and common stock that you have this moment where people realize, ‘Wow, we really oversold. What can I get. Do I miss the dip? I?'” said the “Mad Money” host.

The Dow Jones Industrial Average opened nearly 300 points higher on Tuesday, a day after rising 646 points, or nearly 1.9%. As Cramer pointed out, investors are becoming less concerned about Omicron. Wall Street, coming off a losing week, has been volatile lately, evidenced by the volatility of the Dow since its 905-point drop on Nov. 26.

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