CNBC's Jim Cramer Friday said though he remains cautious about the stock market and U.S. coronavirus crisis response, he wouldn't want to miss out in the event the situation takes an unexpected turn for the better.
Pharmaceutical companies like Regeneron, Eli Lilly and Gilead Sciences are racing to develop a cure for the fast-spreading virus that that has sickened more than 1,000 people in America and thousands more around the globe.
"If somebody comes up with a viable treatment, you'll wish you'd bought stocks" at these levels," the "Mad Money" host said. "That's why I think you need to buy stocks, though, with safe dividends here … although the key is to buy them gradually on the way down – not chase like today on a vicious artificial close up."
Cramer the day prior revealed a list of "accidentally high-yielding" stocks that he is eyeing across various industries, including UPS and Abbvie. He is also counting Eli Lilly as a stock worth owning as economic growth slows.
Wall Street experienced a relief rally during Friday's session one day after the Dow Jones Industrial Average labored through its worst trading day since the 1987 "Black Monday" crash. The Dow rallied 1,985 points, or 9.4%, to 23,185.62 — the largest point gain in the index's history. The S&P 500 surged 9.2% to 2,711.02 and the Nasdaq Composite also advanced 9.3% to 7,874.32, the best one-day gains for the averages since 2008.
The market soared as President Donald Trump held a press conference with other officials to tout the latest progress in his administration's response strategy, including 50,000 new coronavirus tests coming available next week and his desire to have the Energy Department take advantage of low crude prices and buy oil for the country's strategic petroleum reserve.
After the market closed, House Speaker Nancy Pelosi announced that Congress reached an agreement with the White House on a response bill. The Families First Coronavirus Response Act, which would still have to make its way through the Republican-controlled Senate if approved by the House, would offer free coronavirus testing to people with or without insurance, two weeks of paid sick leave and more money for Medicaid, among other measures.
"The key metrics for this market are new coronavirus infections, so stay cautious," Cramer said.
Below is a look at the earnings reports and important updates that Cramer has circled on the calendar next week:
Disclosure: Cramer's charitable trust owns shares of Abbvie.