Stocks were rising sharply in futures and early morning trading, but the Dow was only up around 300 points after news broke that Beijing would be shutting down all schools in response to the resurgence in COVID-19 cases.
Stocks rose after a potential treatment for Covid-19 that has proved successful in early trials also was giving stocks a boost. Reports said a study of dexamethasone-- a widely available steroid drug that is also affordable--can help patients suffering from severe symptoms of the illness.
And then there’s retail. Retail sales rose 17.7% in May, well ahead of the 8% forecast, as millions of Americans returned to work following weeks of coronavirus-triggered lockdowns that shuttered the world's largest economy.
Driving retail was clothing, which was up 188% and furniture, up around 89%.
So, what does Jim Cramer think about this rally?
"These markets are very odd, this is a reversal of what we had last Thursday when we had a gigantic down day. It doesn't make up for that. But I think the answer is that we now have days that are like this and we have to get used to it. They're not important," said Jim Cramer.
Watch TheStreet's Interview with Dr. Fauci
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- Dr. Fauci Is 'Cautiously Optimistic' Vaccine 'Is On Track' in 2020