"Even if Moderna's vaccine news was blown out of proportion by people who need some remedial statistics lessons ... the fact is that we've probably taken a depression off the table," Cramer said, highlighting other events that injected confidence in the market.
Despite the historic job losses caused by the coronavirus pandemic, there is pent-up demand in the economy, Cramer said, pointing out that Home Depot and Walmart both reported seeing business improve in May.
In unprecedented fashion, crude prices collapsed to negative $37 about a month ago. The oil market has since bounced back to $32.50 per barrel as of Tuesday evening. That means oil producers will be able to pay bills, removing a lot of pressure on the banks that they borrow from, Cramer said.
Last, the Federal Reserve's move to get bonds of struggling companies, such as Carnival, and the Treasury Department's move to step in and help those in the airline industry gave a lifeline to hard-hit businesses, he added.
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