Stocks fluctuated Thursday as investors weighed bogged down stimulus talks and the latest jobless claims report that showed a surge in the number of Americans seeking unemployment benefits.
The Dow Jones Industrial Average declined 23 points, or 0.08%, to 30,045, the S&P 500 was down 0.05% and the Nasdaq rose 0.4%.
TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about the antitrust lawsuit against Facebook, FDA approval for Pfizer's Covid vaccine and the most recent stats on unemployment claims.
Facebook: Buy Or Sell?
The Federal Trade Commission and most states on Thursday filed an antitrust lawsuit against Facebook (FB) - Get Report, charging that the company engaged in anticompetitive behavior to maintain a monopoly position in personal social networking.
Cramer said it's almost impossible to see the commission being successful. "The arguments are so poorly reasoned it's kind of frightening. It's this notion that a company sees something better and what it could do and buys that company. I don't know when that became illegal. The logic of it is torture. It's a colossal mistake by the government and will be thrown out."
Pfizer: Buy Or Sell?
Pfizer (PFE) - Get Report was rising early Thursday as a Food and Drug Administration advisory committee discussed the authorization of the Covid-19 vaccine the drugmaker has developed with Germany's BioNTech (BNTX) - Get Report. The stock is now down on Thursday.
Cramer said it's a pretty well-known fact by now. "I am upset with the FDA. I am sure Pfizer will go up on this because the market can be so dumb right now. It's just really bad that Canada started doing it before we did. Where is our FDA, it does not even take into account that over 3,000 people died yesterday."
Jobless Claims
Jobless claims jumped last week, reversing the previous week's declines and hitting their highest level since mid-September, as companies scaled back hiring amid record numbers of Covid-19 cases, hospitalizations and deaths.
The Labor Department reported Thursday that 853,000 Americans filed for first-time jobless benefits in the week ended Dec. 5, up from a revised 716,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 712,000.
Cramer said the holdup on the stimulus package might be because we need a Democratic president. "To me, the people of America need something right now. Even if that means making it so that the president gets a win if that's what he thinks he is going to get. We need to have a compromise because there are just too many people unemployed, too many people are hungry right now. That number today was chilling."
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Stock Market Today With Jim Cramer: Pfizer Will Rise - TheStreet
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