Stocks rallied Thursday after the Food and Drug Administration granted full approval to Pfizer (PFE) - Get Pfizer Inc. Report and BioNtech’s (BNTX) - Get BioNTech SE Sponsored ADR Report coronavirus vaccine.
The Dow Jones Industrial Average was up 232.75 points, the Nasdaq Composite was 165.58 points and the S&P 500 was up 34.88 points.
Jim Cramer, however, said the market shouldn’t have been as excited as it was widely expected for the vaccine to be approved.
“Sometimes this market is not that smart,” Cramer said. "I don't think that anyone doubted that Pfizer was going to be able to get approval."
Cramer said the market's attention is turning to oil, travel and leisure and big tech.
"When big tech is on fire, many things work," Cramer said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/23/21