CNBC’s Jim Cramer on Thursday sought to explain why the stock market appeared largely unfazed by the Capitol Hill riots, saying the buying on Wall Street largely came from algorithmic computer trading.
“The people were stunned and individuals were stunned … but the machines don’t get stunned because the machines don’t have a conscience,” he said on “Squawk Box.”
Cramer was not saying that he believed there should have been a market sell-off, only offering reflection for Wednesday’s market movement.
On Wednesday afternoon, as a violent, pro-Trump mob overtook the U.S. capitol and disrupted Congress’ constitutionally mandated session to confirm Joe Biden’s Electoral College victory, the Dow Jones Industrial Average closed at a record high.
“I don’t think that the market is divorced,” Cramer said. “I think the machines are divorced. They didn’t see what was happening in the Capitol. They weren’t shook … because in the end, they are machines and they don’t think. They just do.”
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This article originally appeared on www.cnbc.com
