CNBC's "Squawk on the Street" team discusses how markets are faring as the White House responds to the coronavirus pandemic challenging the U.S. economy. CNBC’s Jim Cramer said Friday the coronavirus-slammed stock market is due for bounce because there has been so much selling in recent weeks.
“I think there’s a technical rebound coming,” Cramer said on “Squawk Box.” “I don’t know how long it will last because I think people are very worried.”
Cramer said later on “Squawk on the Street” that the stock market is “the most oversold we’ve ever been.”
As the “Mad Money” host was speaking, Dow futures were pointing to about a 200-point gain at Friday’s open.
Shortly after Wall Street trading began, the Dow Jones Industrial Average rose about 300 points or 1.5%, before going back and forth between early losses and gains. At midday, the Dow and Nasdaq were up less than 1% and the S&P 500 was down slightly.
If gains were to hold by the close, the Dow would log its first back-to-back advances since Feb. 5-6, one week before its Feb. 12 record high.
Thursday’s volatility saw the Dow off 720 points, or 3%, before closing nearly 200 points, or 0.95%, higher.
Heading into Friday, the Dow — down over 13% for the week — was tracking for its worst weekly loss since the 2008 financial crisis. Despite Thursday’s gain, the Dow was still 32% below last month’s record highs.
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