Wall Street forgot about takeovers and what those deals can mean for stocks. It forgot how desperate some companies are to grow. It finally remembered on Wednesday, Jim Cramer says, when M&A framed the entire market's action and gave biotech its the best day since 2009.
Allergan CEO Brent Saunders reminded investors of the importance of these deals, when, after confirming the departure from its deal with Pfizer, he told CNBC's "Squawk on the Street" that he was ready to do more buying, stating "Anything that is a growth-oriented business with strong fundamental businesses and a good R&D pipeline to sustain that growth is of interest to us."
Cramer interpreted this as meaning that in short, Saunders will buy anything that can give Allergan growth.
With those words, after months of lagging behind, pharma and biotech stocks were sparked back to life.
Adding even more irony to the situation, the Justice Department decided to file a suit to block the Baker Hughes-Halliburton merger, which sent those stocks higher on the prospect that they can start acquiring down-and-out companies in the sector.
Cramer has been saying for months that drug stocks alone can't make the market roar; we needed oil, too. And voila! Both were delivered Wednesday.
"Who ever said that the Obama administration is bad for the stock market?" Cramer said.
Read MoreCramer: We should thank the Treasury