The Dow is declining amid a disagreement between the Treasury and the Federal Reserve over emergency pandemic programs.
TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about the impact of the Fed's emergency lending plans coming to an end, Pfizer's stock and WHO's decision to not use remdesivir for Covid.
Pfizer: Buy Or Sell?
On Friday, drugmaker Pfizer (PFE) - Get Report formally applied for Emergency Use Authorization for its developed coronavirus vaccine from the Food & Drug Administration and said it could be available for high-risk patients as early as December.
Cramer said no one is going to make any money off this. "Gilead didn't go well. Lily barely went up. Regeneron barely went up. Pfizer went down. It's a better situation to avoid this part of the group or to look at McKesson, which I don't think is going to get hurt that badly."
World Health Organization told doctors Friday not to use Gilead’s (GILD) - Get Report remdesivir as a coronavirus treatment. "Gilead’s remdesivir should not be used for patients hospitalized with COVID-19, regardless of how ill they are, as there is no evidence the drug improves survival or reduces the need for ventilation," a WHO panel said
Cramer said it's still one more ill-informed decision by the WHO. "What the WHO missed entirely is that it was meant to be part of a cocktail not to mention standalone. WHO's comments were so depressing because they have very real problems in terms of dealing with what's happening in medicine. There is enough evidence to indicate that the WHO is controlled by China."
Emergency Fed Programs to Expire
U.S. Treasury Secretary Steven Mnuchin said the pandemic lending programs at the Federal Reserve would expire on Dec. 31, causing a rift with the central bank just as coronavirus infections surge across the country and states resort to shutdowns to try to stem the spread of the virus.
Cramer said the part of the program that he stopped was reasonable because it wasn't being used. "What I don't like is in order to able to reorient the money to where it needs to be, you have to go to Congress and that's questionable.
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