Cramer says support from the Fed makes it 'very difficult for a stock to get crushed'

• "If the Fed is backstopping everything, then it's very difficult for a stock to get crushed," Cramer said on "Squawk on the Street."
• "Should Carnival really be alive after what happened in Yokohama? Well, I don't know," Cramer said, referencing a cruise ship that was quarantined in waters off of Japan early in the coronavirus pandemic.  
• The Fed has already purchased ETFs of corporate bonds and will now be shifting toward the debt of individual companies, Chairman Jerome Powell said Wednesday. 

CNBC's Jim Cramer said Friday that the support for markets from the Federal Reserve was elevating stocks that would normally plunge. 

"If the Fed is backstopping everything, then it's very difficult for a stock to get crushed. Should Carnival really be alive after what happened in Yokohama? Well, I don't know," Cramer said on "Squawk on the Street," referencing a cruise ship that was quarantined in waters off of Japan early in the coronavirus pandemic.  

Some of the companies hit hardest by the coronavirus pandemic, including cruise lines and other travel companies, have raised billions of dollars in the debt markets after the central bank announced in late March that it would buy corporate debt as part of its relief efforts.

As those beleagured companies have secured financing, the stock market has roared back. The S&P 500 is roughly 8% below its record high in February, while the tech-heavy Nasdaq Composite has already set new highs. The dramatic rebound has come despite a sharp economic shutdown that sent unemployment soaring to levels not seen since the Great Depression. 

The Fed has already purchased ETFs of corporate bonds and will now be shifting toward the debt of individual companies, the central bank announced Monday. 

The aggressive actions by the central bank have led some, including Allianz Chief Economic Advisor Mohamed El-Erian, to warn about so-called zombie companies. 

Cramer also pointed to Tesla and Spotify as stocks that have made large gains in recent weeks. He referenced legendary investor Jeremy Grantham's statements earlier in the week that the stock market's rebound had created a major bubble, saying, "It is what it is. You can call it whatever you want."

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