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Stock Market Today With Jim Cramer: Buy Facebook Stock

Jim Cramer discusses the latest stock market news including Moderna's Covid-19 vaccine, FTC's latest order against tech companies and the need for a stimulus deal.

Stocks posted a rebound Tuesday following a four-day losing streak for the S&P 500 as Moderna's coronavirus vaccine was determined to be highly effective by staff at the Food and Drug Administration.

Also boosting sentiment were reports that House and Senate leaders would be meeting to discuss a coronavirus relief package.

The Dow rose 335 points, or 1.12%, to 30,196, the S&P 500 gained 1.15% and the Nasdaq was up 0.82%.

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Moderna's Covid-19 vaccine, FTC's latest order against tech companies and the need for a stimulus deal.

Moderna: Buy Or Sell?

Staff at the Food and Drug Administration said Moderna's  (MRNA) - Get Moderna, Inc. Report vaccine for Covid-19 was "highly effective" in preventing the potentially deadly disease caused by the coronavirus. 

Cramer said if he could get the Moderna vaccine then he'd take it. "I'm trying to get the Pfizer vaccine from my doctors but I've got the text which says no. I'm patient but I will take it. It's going to give you a whole new world. It's a foot race against the actual illness. We don't know how much Moderna can actually produce right now. The numbers that we're hearing from Moderna and Pfizer are aggressive and they may not be able to produce all that they're saying."

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Facebook: Buy Or Sell?

The Federal Trade Commission told nine tech companies including Amazon  (AMZN) - Get, Inc. Report and Facebook  (FB) - Get Meta Platforms Inc. Class A Report to share information about how they collect and use data from their users, the agency said Monday.

Cramer said people should recognize that if you're on social media you have no right to privacy under the constitution. "These people are trying to make it so that there is some privacy to what you do. If a user is posting it's at their own risk. I don't think any of this matters. What matters is what's going on between Facebook and the FTC and people have already forgotten about that. That's just the way it works. These things take forever and in the interim nothing happens. [Facebook is a] good buying opportunity."

Stimulus Deal

Wall Street remains tuned to efforts by lawmakers in Washington to craft a stimulus bill, but bitter partisanship has stalled negotiations. Many investors see a relief package as absolutely essential for the economy to bridge the gap between now and the broader rollout of coronavirus vaccines. The Federal Reserve has begun a two-day meeting on Tuesday, the central bank's last meeting of the year.

Cramer said the Federal Reserve knows we need to have a deal." I know the Fed deeply believes that we absolutely have to have stimulus because they recognize that unemployment benefits go away and that the evictions notes will start to go out."

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