As of the close of trading, the Dow rose 1.12%, the Nasdaq rose 0.22% and the S&P rose 0.56% as Wall Street was met with more positive vaccine news to kick off Thanksgiving week.
Referring to his previous experience navigating news around COVID testing developments, Jim Cramer said that he is approaching vaccine news and the subsequent market reaction with skepticism in his daily live show with TheStreet.
As mentioned previously, Cramer is less concerned with the actual vaccines and more with how the vaccine will be rolled out to the general public when approved.
Cramer said his skepticism is derived from previous positive developments that never came to fruition, such as mass testing in Walmart (WMT) - Get Report parking lots. "Why should I necessarily believe this vaccine is going to be distributed right?" Cramer asked.
"Let's maintain our skepticism while at the same time...being a little more positive," Cramer said. "I just don't want people to think we're buying stocks like we're all going to have a vaccine by January."
The COVID-19 vaccine candidate being developed by AstraZeneca (AZN) - Get Report and the University of Oxford was found in a large trial to have a 70% efficacy in preventing the virus. But when a half dose of the vaccine was followed by a full dose a month later it showed 90% effectiveness.
“We see a lot of merit in this regimen and we will now start discussions with regulators into incorporating this dose combination for further clinical investigation,” said an AstraZeneca spokesman.
And, over the weekend, the FDA granted approval to Regeneron (REGN) - Get Report treatments casirivimab and imdevimab, which the agency said can now be given together to treat mild to moderate disease in people older than age 12.
A clinical trial of patients infected with the coronavirus showed that casirivimab and imdevimab, when given together and administered via intravenous infusion, cut down Covid-19-related hospitalizations in high-risk patients within 28 days after treatment when compared to placebo, according to FDA.
While Cramer said Regeneron "has something great," he remains concerned about the ability for the company to manufacture the treatment at scale. "I very much believe in Regeneron; it's an incredible company, but can we get it at scale," Cramer asked.
Daniel Kuhn contributed reporting to this article.