Jim Cramer on Why Wall Street Is Rallying on Coronavirus Vaccine News

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Markets are rallying in intraday trading on the news from Abbott Labs that it has created a test that can give a positive test result in around 5 minutes.

And Johnson & Johnson said that it had found a coronavirus vaccine candidate and will begin testing in September. 

Jim Cramer weighs in on what this means for the markets and the market rally we're seeing Monday.

Watch the video above for more.

Video Transcript:

Katherine Ross:
I want to focus on something that you tweeted and also that you basically just mentioned, which is we see all this good news around the vaccines, the testing and whatnot, but what do we need? We've seen this before, we've seen different versions of this headline. What do we really need to see in order for Wall Street to rally on a vaccine headline, on a testing headline?

Jim Cramer:
This is it. That's what you're seeing. Because I think most people felt that the futures would be down very big. But the fact is, that there's a recognition that science fight back and that maybe what's going to beat this thing isn't influxes of money and isn't bending the curve because there's a lot of areas where the curves not being bent well. What's going to solve it as maybe antivirals. Get people out of the hospitals. Maybe more ventilators or they don't really have that much good on the ventilation side. But this is about not bending the curve. This is about science winning and the bending of the curve is a thesis that has not carried a lot of water on Wall Street. Why? Because when you go and you look at pictures as I did on Twitter and you see beaches that are open or you see people in crowds and you just say, well listen, there it is.

Jim Cramer:
I mean, I've been trying to get, I put a challenge to the cruise ships this morning, on Twitter. My challenge is very simple, which is that I think it's time for the CEO of Carnival to come on and explain why this boat should land here in our country. There's one that's about to go to Florida. Can we please get a line on how many cruises are still out there? Royal, Norwegian, Carnival, I love all these CEOs. How many horror shows out there? If you want to return as a vacation method, speak up. Tell us how many cruises are still out there. Are you going to start up again in April, as they've been saying? I mean, look, this is a principal source and now it's everywhere and we know that. But I do think that if you're going to continue to have an influx of boats that are infested, well, we got to figure out when this ends. We don't know when it ends.

Jim Cramer:
It's something that I'm deeply focused on because hardly a day goes by where there isn't some boat trying to land somewhere with thousands of people. This one has four people who are dead on it. I don't think any of us would tolerate this, but somehow it's being tolerated. These are not flagged under our country. All they are as vacations. They're not some sort of a national imperative, but they have proven to be a major problem for our nation and it's time for the CEOs to come out and say, "Listen. Mea culpa. We're sorry. We didn't have a plan. We didn't understand. Even when we realized what was going on, we didn't do anything." Carnival, Royal and Norwegian will be finished as companies, even though Micky Arison who owns Carnival's given a huge amount of money to the president, they will be finished as companies, if they don't come out and say, listen, "This is what happened, but it's never going to happen again."

Jim Cramer:
They should stop hiding and they should come on air. They better not be vitriolic. There's no room for that. Apology's what's necessary and then hope for the best for them. Otherwise, they're a mess.

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