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What Alibaba, Best Buy Stocks Tell Jim Cramer About Markets Tuesday

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As of intraday trading Tuesday, the Dow Jones Industrial Average was up 48.55 points, the Nasdaq was up 72.35 points and the S&P 500 was up 10.10 points. 

Jim Cramer said it’s the second day in a row where the market assumes the full Food and Drug Administration approval of the Pfizer-BioNtech vaccine is going to change the world.

“I think it’s nonsense,” Cramer said. “This is overdone to the positive, but that’s the way this market has been. It over does it.”

Cramer said this concept of overreaction can be seen in stocks including Alibaba  (BABA) - Get Alibaba Group Holding Ltd. Report and Best Buy  (BBY) - Get Best Buy Co., Inc. Report.

As of intraday trading, Alibaba was up 7.14% to $172.59 and Best Buy was up 6.24% to $119.12. 

“The reactions are exacerbated by the fact that there are so many people that didn’t think things could be so good,” Cramer said. 

TheStreet Live Recap: Everything Jim Cramer Is Watching 8/24/21

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Tuesday's Daily Rundown. 

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