Investors want to buy into the stock market so badly that they will even use as a reason the overnight plunge on Iran’s military retaliation against the U.S., CNBC’s Jim Cramer said Wednesday.
“The desperation to get into this market is extraordinary,” Cramer said on “Squawk on the Street.” “It’s frantic. They don’t even wait until the opening bell to get in. They try to take advantage of every little bit to be able to get in.”
The “Mad Money” host’s comments came after S&P 500 futures turned higher early on Wednesday morning, coming back from an overnight drop of more than 1.6%, in the immediate aftermath of Iran launching more than a dozen ballistic missiles against two bases housing U.S. troops in Iraq on Tuesday night. Stocks went on to open relatively flat on Wall Street on Wednesday.
The S&P 500, based on Tuesday’s close, was less than 1% away from record highs. The index in 2019 soared more than 28% for its best annual gain in six years.
Meanwhile, international oil prices surged 4% overnight after the Iran attacks. But like stocks, crude steadied as the Iranian moves were seen as less severe than feared.
There are no reports of any U.S. service members being hurt. Oil turned negative Wednesday morning.