rallied 1.36% and 0.78%, respectively. The latter, which is loaded with technology components, is now within 140 points of its record close in February, prior to the coronavirus-induced market meltdown.
Cramer said there was a "wholesale shift" in what stocks investors are buying on hopes of a V-shaped recovery from the Covid-19 lockdown. "Today, we cheered when we saw that ADP report, even though it could potentially be an aberration, a number that's too bullish," he said. "We'll find out for sure on Friday when we get the Labor Department's nonfarm payroll report."Investors are rotating stock holdings from the stay-at-home plays to the recovery ones, Cramer said. Money is also being pulled out of the bond market, he added. The yield on U.S.
Drug stocks were also dumped by investors, and gold is less attractive when the economy appears to be recovering, he said. "The major drug stocks either got pummeled or badly lagged the averages — they're too consistent for this market," Cramer said.
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