Jim Cramer Says Take Something Off the Table As Stocks Sell Off Wednesday

Author:
Publish date:
Video Duration:
1:29

The major indices are falling as several U.S. states experienced severe spikes in new coronavirus cases.

There are over 9.2 million cases of the virus worldwide, with over 477,000 deaths.

The U.S. has over 2.3 million cases with over 121,000 deaths.

With Florida, Arizona, Texas and California reporting new daily records of infections, investors have been growing increasingly worried that plans to reopen stalled economies could be curtailed to halt the spread of the virus, slowing the pace of recovery.

Texas recorded more than 5,000 new cases in the past 24 hours, a record daily toll, according to Gov. Greg Abbott, who said he didn’t want to backtrack on reopening the state but urged residents to take greater precautions, saying people shouldn’t go out unless absolutely necessary.

California also reported more than 5,000 new cases and hospitalizations in the state hit a record of 3,700.

Washington Gov. Jay Inslee ordered residents to wear face masks in public. Positive tests of the virus rose 35% in the state last week.

And Florida changed how it records intensive care unit occupancy by coronavirus patients. The move might lower the figures ahead of the state’s next phase of reopening, which is set to happen sometime in July.

Markets took a further move lower midday as governors from New York, New Jersey and Connecticut declared a 14-day quarantine for visitors from coronavirus hotspots. 

TheStreet's Jim Cramer said now is probably the time to take something off the table. 

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

Watch More of the Latest Videos from TheStreet and Jim Cramer