'Wall Street was worried about a lot of things going into last night's debate and almost none of them came true,' the 'Mad Money' host said.
Stocks were buoyed by talks of lawmakers reaching an additional coronavirus spending bill that has proved to be elusive all quarter. With the third quarter coming to a close Wednesday, the market enjoyed a second-straight three-month period of strong growth in the wake of a major market meltdown at the onset of the Covid-19 epidemic in America.
But certain sectors on the market managed to power forward after investors, who are trying to gauge what the next four years of federal policy may look like, digested what Trump and Biden said or did not say on the debate stage.The candidates dueled over health care and the state of the Affordable Care Act, widely known as Obamacare, but fell short of bashing health insurers and drugmakers, Cramer said.
The tones that both Biden and Trump struck, however, helped shares of government-sponsored health providers likerally more than 4%, Cramer said. Trump doubled down on his party's plan to get rid of the law, while Biden promised to expand its reach. "If Obamacare is here to stay regardless of who wins, that's fabulous for the managed care companies. And, of course, Biden helped create Obamacare," he said. "Whether you love it or hate it, it's good news for these stocks."
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