Jim Cramer: The pandemic led to 'one of the greatest wealth transfers in history'
The coronavirus pandemic and corresponding lockdown made way for “one of the greatest wealth transfers in history,” CNBC’s Jim Cramer said Thursday.
The stock market is rising as big business rebounds from state-ordered stoppage of nonessential activity, while small businesses drop like flies, the “Mad Money” host said.
“The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business … is coming through virtually unscathed, if not going for the gold,” he added.
The comments come after Wall Street took a breather during a mixed day of trading in the midst of hopes of a quick recovery from the pandemic. The Dow Jones Industrial Average ticked up almost 12 points to 26,281.82 during the session. The S&P 500 and Nasdaq Composite both finished the day in the red by less than 1%.
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https://www.cnbc.com/2020/06/04/cramer-the-pandemic-led-to-a-great-wealth-transfer.html
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