CNBC’s Jim Cramer Explains Dow Gains Amid National Chaos: ‘The Stock Market Doesn’t Care About Social Justice’
In recent days, corporation after corporation has issued statements of support for social justice following the killing of George Floyd. But on Monday, CNBC’s Jim Cramer let viewers in on a secret: The market, at large, has no interest in advancing this or any societal cause.
During his opening monologue on Mad Money, Cramer explained why the Dow Jones went up 92 points on Monday despite widespread violent protests and unrest.
“Is the market making judgments about the difference between violent protest and passive resistance?” Cramer said. “I know many people wish it would. They want the market to be part of the debate. They want it to play a constructive role in the dialogue over racial equality — or at least they want it to go down to express some empathy for the troubled times we’re living through. That’s not how it works. The truth is, the market’s blind because it has no eyes. It’s deaf because it has no ears.
He added, “The stock market doesn’t care about social justice. Investors are simply trying to make money.”
Cramer went on to say that he’s looking to invest in companies designed to thrive in a stay-at-home economy because he believes the protests will result in a second wave of the coronavirus “far earlier than people thought.”
“[T]here’s a deadly virus going around,” Cramer said. “And big gatherings are exactly where it spreads. When you look at these videos, there’s not a lot of social distancing, and far too few masks. This is the mother of all super spreader events.”
Later, Cramer put it even more bluntly:
“At the end of the day, the market has no conscience,” Cramer said. “Investors are simply trying to make money, and that’s why they’re crowding into the stay-at-home economy stocks. Because the stay-at-home economy just got a major extension for many investors. Right or wrong, thoughtless or cerebral, it’s worth exploiting.”
Watch above, via CNBC.
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