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Jim Cramer: Dr. Fauci Created Market Optimism That Might Not Be Sustainable

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Day two of the optimism rally carries on.

Stocks were on the rise on Wednesday, May 27 as investors and Wall Street looked past rising tensions between Washington and Beijing over Hong Kong and instead focused on the reopening of the global economy.

This followed stocks finishing higher Tuesday and the S&P 500 crossed 3,000 intraday for the first time since early March as investors embraced moves by economies across the globe to ease coronavirus lockdowns and welcomed signs of progress toward a COVID-19 vaccine.

This followed a Bloomberg report that said the Trump administration was considering a range of sanctions to try to punish China for its crackdown on Hong Kong.

Trump is “displeased with China’s efforts and that it’s hard to see how Hong Kong can remain a financial hub if China takes over,” White House press secretary Kayleigh McEnany said Tuesday.

"We have a very bifurcated market," said Jim Cramer. "I want to buy what people are selling and I want to sell what people are buying."

He specifically says that he's looking to buy Seattle Genetics and he thinks investors could sell Goldman here. 

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

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