Jim Cramer said there is an "extraordinary" amount of bullishness in markets Monday as investors react to vaccine news out of Moderna.
At the close of trading Monday the Dow was up 472.41 points, the Nasdaq was up 86.59 points and the S&P was up 41.87 points. The Dow remains near 30,000 after breaking an intraday record high earlier Monday.
Noting that Wall Street has entered a seasonably strong period, Cramer said markets are extremely overbought, but buyers can't be satiated.
"People are thrilled to pay up for anything. I’ve never seen it before [but] I totally respect it," Cramer said, adding that investors increasingly see the markets are undervalued.
"The buyers have looked through the [coronavirus] death rate and the caseload and just decided that those are irrelevant, and what matters is what it will look like next year when we don't have it," Cramer said.
Moderna (MRNA) - Get Report said that its vaccine candidate hit a 94.5% efficacy rate, topping the 90% threshold reported by Pfizer last week, and noted that it can last for up to six months when stored at standard freezer temperatures of -4 degrees Fahrenheit, compared to the -94 degree temperatures required for the Pfizer vaccine.
The drugmaker also said it expects to apply for Emergency Use Authorization with the U.S. Food and Drug Administration within the coming weeks, while the European Medicines Agency's human medicines committee launched a 'rolling review' of the vaccine Monday.
“This is a pivotal moment in the development of our COVID-19 vaccine candidate. Since early January, we have chased this virus with the intent to protect as many people around the world as possible. All along, we have known that each day matters. This positive interim analysis from our Phase 3 study has given us the first clinical validation that our vaccine can prevent COVID-19 disease, including severe disease,” said CEO Stéphane Bancel. “This milestone is only possible because of the hard work and sacrifices of so many."
While Cramer has said he's a believer in Moderna, he said distribution of the vaccine remains among his major concerns going forward. "We’re not hearing about it [distribution] so it’s a transition issue," Cramer said.
"Once again, the government is behind where private industry is, and it's driving me crazy," Cramer said.
Daniel Kuhn contributed reporting to this article.