Investors want to buy into the stock market so badly that they will even use the overnight plunge on Iran's military retaliation against the U.S. as a reason, CNBC's Jim Cramer said Wednesday morning.
"The desperation to get into this market is extraordinary," Cramer said on "Squawk on the Street." "It's frantic. They don't even wait until the opening bell to get in. They try to take advantage of every little bit to be able to get in."
The "Mad Money" host's comments came after S&P 500 futures turned higher early on Wednesday morning, coming back from an overnight drop of more than 1.6%, in the immediate aftermath of Iran launching more than a dozen ballistic missiles against bases housing U.S. troops in Iraq on Tuesday night.
Stocks went on to open relatively flat Wednesday on Wall Street.
The S&P 500, based on Tuesday's close, was less than 1% away from record highs. The index in 2019 soared more than 28% for its best annual gain ‌in six years.
In late-morning trading Wednesday, the S&P 500 hit an all-time high after President Donald Trump address the nation, saying Iran "appears to be standing down." Trump said no U.S. service members were hurt.
Meanwhile, international oil prices surged 4% overnight after the Iran attacks. But like stocks, crude steadied as the Iranian moves were seen as less severe than feared.
Oil turned negative Wednesday morning and then took a major leg down after Trump's comments seemed to reassure markets that hostilities may be at a standstill.
The Nasdaq also hit an all-time Wednesday, crossing 9,100, certainly getting swept up in the market rally but also on fundamentals, according to Cramer.
"The underlying theme is ... the technology is ahead of where we thought and that 5G is actually going to be in the numbers," he said, meaning next-generation wireless 5G advances will help some companies' earnings.
"The frantic buying in the Nasdaq is kind of insane," he added.
The Dow Jones Industrial Average was also up strongly Wednesday but not at a record.