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Jim Cramer on Washington 'Chaos,' What It Means for Covid Vaccines, Markets

In Thursday's market breakdown, Jim Cramer breaks down everything he's watching from Washington politics to the race to the vaccine, and what it all means for Wall Street.

It's Thursday, Nov. 12. 

There's some positive news out of Moderna  (MRNA) - Get Moderna, Inc. Report, which could see the company matching Pfizer's 90% efficacy.

Moderna said the recent surge in U.S. coronavirus infection rates, which rose at a record pace of 140,000 on Wednesday, has meant that the study will include 'substantially more than 53" positive cases, a figure that was targeted as the trigger point for the analysis of the late-stage data. Moderna is using so-called 'messenger RNA' techniques for its vaccine candidate and told investors in September that it had amassed more than 25,000 participants for its clinical-stage trial.

However, Jim Cramer doesn’t believe that a vaccine can come soon enough for Wall Street and the world. “I still don’t see getting a needle into your arm until May,” Cramer said. 

Though all indices closed lower Thursday, the Nasdaq initially held onto gains in intraday trading. 

“The Dow is reacting to [coronavirus] caseload, the Nasdaq is reacting to what has to happen if you have a high caseload,” Cramer said. 

Cramer added that part of the market reaction is lack of leadership and planning in the White House. "Right now it's every person for him or herself, and that's unacceptable," Cramer said. 

"There has to be an effort right at the top," Cramer said. "We need some sort of order; we don't have anything, it's chaos," Cramer said.  

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And then there's jobless claims.

New applications for unemployment benefits dipped last week with continuing claims falling below 7 million for the first time since the coronavirus pandemic began, even as Covid-19 infections continue to soar to record levels across the country.

The Labor Department reported Thursday that 709,000 Americans filed for first-time jobless benefits in the week ended Nov. 7, down from a revised 787,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 735,000.

Daniel Kuhn contributed reporting to this article. 

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