The stock market was rising sharply early Monday in part because the Stormy Daniels interview on "60 Minutes" did not deliver a "knockout blow" to Donald Trump's presidency, according to CNBC's Jim Cramer.
Cramer said speculation that Daniels could show evidence about her alleged affair with Trump knocked a couple hundred points on the Dow Jones industrial average late Friday afternoon, two days before the interviewed aired.
"They didn't have a tape," Cramer said Monday on "Squawk on the Street." "When you saw no tape, what you did was this morning say, 'OK, let's go buying opportunity.'" He added the CBS interview with Daniels was probably not "as imperative on the stock market as people might have felt."
Last week, Daniels' attorney hinted that he may have a disc containing evidence about the alleged affair. During an interview Monday with NBC's "TODAY" show, her attorney, Michael Avenatti, said he is "not playing games" and will provide more information on his client's alleged affair with the president.
Stocks soared early Monday, with the Dow up more than 500 points at one stage. Tensions also eased on Wall Street after China said it's willing to hold talks with the U.S. in order to resolve their differences over trade. Meanwhile, U.S. Treasury Secretary Steve Mnuchin said Sunday he's optimistic a trade agreement will ultimately be negotiated with China.
On Friday, China had announced plans for reciprocal tariffs of $3 billion on 128 U.S. products, a day after Trump's announcement of tariffs on up to $60 billion in Chinese imports.
"What this said to people was it's not all lost, everybody," said Cramer, the host of CNBC's "Mad Money."