Voters stood in national polls on election day, investors traded higher stocks, and CNBC’s Jim Cramer was surprised at the returns Tuesday.
“”[Many worried] The vote [would] People freak out, but the opposite happened, “that”Bad money“Host said.” We ended up with a bizarre bullish session with both Biden stocks and Trump stocks rebounding. “
Stocks have risen for two consecutive days after Wall Street experienced its worst trading week since March, when the longest bull market in history fell into the fastest bear market in the recent past. Last week’s turbulent trading has slashed key averages for the second consecutive month.
Just under 50 of the 500 large-cap components of the S&P 500 slipped during the session Arista Networks, Housing investment and management and gardener were the biggest winners of the day and ended up with double digits.
UnitedHealth Group, Goldman Sachs and Home Depot were the top scorers on the 30-share Dow, a price-weighted index. Amgen, Johnson & Johnson and Chevron were the only three Dow components to fall, according to FactSet.
Considering numerous reasons the market marched higher on election day, Cramer said the “strangest reason” for the run was that “there just isn’t a lot of Trump stocks,” or stocks that would surely go higher if President Donald Donalds Trump would re-elected White House over former Vice President Joe Biden.
The only stock the host considers a huge hit if Trump loses the election is the American steelmaker Nucorwho benefited from Trump’s tariff with China.
“I know everyone was upset about this election, but today the stock exchange said, ‘Don’t worry, be happy.’ Whether Trump or Biden, your portfolio will be fine, “Cramer said. “And if we are overwhelmed by a delayed election or some other reason, I am telling you now that you should be ready to buy something.”
Disclosure: Cramer’s charitable foundation owns shares in Goldman Sachs.