Cramer says he and hedge fund billionaire David Tepper are confused by the market’s recent rally
CNBC’s Jim Cramer said Wednesday that he and hedge fund billionaire David Tepper are not sure why the stock market has rallied in recent days while the coronavirus pandemic continues to upend daily life in the U.S.
“I spoke to Dave Tepper yesterday and we were both kind of marveling, ‘Jeez it’s been bullish. Why?'” Cramer recalled on “Squawk on the Street.”
Cramer’s comments came shortly after Wednesday’s open on Wall Street, which saw the Dow Jones Industrial Average rallying one day after an over 900-point advance completely fizzled by the close.
While still in a bear market, the Dow as of Tuesday’s close gained about 24% since its coronavirus-driven March 23 low. A bear market is defined as a decline of at least 20% from recent 52-week highs. The Dow hit an all-time high in February before state stay-at-home orders around the nation went into effect.
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[Source: CNBC News]