Stocks rose Monday after Treasury Secretary Janet Yellen endorsed a massive stimulus package. Bitcoin surge more than $40,000 Monday after it was revealed from Jan. filings that Elon Musk and Tesla purchased $1.5 billion in the cryptocurrency.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Estee Lauder after earnings, Tesla's investment in Bitcoin and the market rally on Monday.
Estee Lauder: Buy Or Sell?
Cramer said Estee Lauder is a buy because it makes a ton of money on Mac and the skincare business does good margins for the company. "The Zoom generation needs a lot of makeup and a lot of skincare. There is a pent-up demand for makeup because of Zoom and the selfie generation which is back in China. Maybe this stock will never get cheap."
Tesla: Buy Or Sell?
Cramer said companies should always do more with their cash than keep it in the short term [deposits]. "Tesla is using crypto as the correct currency if they're going to be trading in currency, buying cars in currency. They better show the faith that they believe in the currency as part of cash equivalents," he said.
Markets on Monday
Cramer said we're having a worldwide rally. "Japan is up 2%, Europe is up. Oil is up, that's a sign of the health of the economy. So, there is no reason for the market to go down necessarily. This is an opportunity," he said.