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Cramer: Be Careful Buying Stocks Based on a Vaccine Without Vaccine

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The market is embracing progress when it comes to coronavirus treatments and news around vaccine candidates on Monday.

The S&P 500 and Nasdaq hit record intraday highs on Monday.

The FDA issued an "emergency use authorization" for convalescent plasma as a treatment of Covid-19 in hospitalized patients, the Trump administration said.

“This is a powerful therapy,” President Donald Trump said Sunday at a White House news conference. “Today’s action will dramatically expand access to this treatment.”

And AstraZeneca was rising after a report said the Trump administration was weighing going around traditional regulatory standards to "fast-track" a possible coronavirus vaccine being developed by the company and the Oxford University.

According to the Financial Times, the Food and Drug Administration could give an “emergency use authorization” by as early as October to a vaccine the company and the university have been developing.

Global cases of the coronavirus have topped 23.4 million, and deaths have risen to above 809,000. In the U.S., there have been more than 5.7 million confirmed cases of coronavirus and 176,809 deaths, according to Johns Hopkins University.

And, finally, oil prices were higher Monday as nearly 1 million barrels a day of production capacity in the Gulf of Mexico was shuttered as drillers and refiners braced for the twin impact of storms Marco and Laura, which could turn into hurricanes as they come ashore Monday.

So, what's Cramer watching? 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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