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Jim Cramer Says Pending Home Sales Driving Markets Higher

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The Dow is up in intraday trading.

Even with a surge in infections, there are signs that both the U.S. and global economies have been modestly improving.

There are 10.1 million cases of the virus worldwide, with over 502,000 deaths.

The U.S. has 2.5 million cases and 125,000 deaths.

On Saturday, the U.S. reported 42,000 cases. This was the second straight day that the U.S. reported an upwards of 40,000 cases in a single day. On Friday, the U.S. reported 45,000.

On Friday, the Dow slumped 730 points, or 2.84%, the S&P 500 dropped 2.42% and the Nasdaq Composite sank 2.59% as worries grew that portions of the economy could be shuttered amid a resurgence of the virus.

But the rally Monday can be attributed to the pending home sales in May, which jumped 44.3% from April, according to the National Association of Realtors, marking the largest one-month jump since the survey began in 2001. Very low mortgage rates spurred homebuyers.

Jim Cramer attributed the rally to the pending home sales.

Watch the video above for more.

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

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