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Jim Cramer Urges Patience in Stock Market Wednesday

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Stocks were modestly higher in intraday trading on Wednesday as investors cheered progress toward the development of a coronavirus vaccine but remained cautious as infection numbers continue to rise.

Pfizer  (PFE) - Get Free Report and its German partner, BioNTech  (BNTX) - Get Free Report, said the efficacy rate of the vaccine was consistent across all age and race demographics. It also was well-tolerated in all age groups.

The companies said they will apply for emergency use authorization from the Food and Drug Administration in the coming days. 

And then there's Boeing, The grounding of the 737 MAX jet was officially lifted by the Federal Aviation Administration on Wednesday.

FAA Administrator Steven Dickson said he was "100% confident" in the safety of the aircraft after rescinding a 20-month old order that allows the plane to resume commercial flights. The 737 MAX was grounded in March 2019 following two crashes that killed 346 people. The crashes ultimately were linked to the jet's navigation system.

WATCH: Everything Jim Cramer Is Watching in the Markets Wednesday

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