Cramer says he would 'buy any airline stock' after Abbott announces new rapid coronavirus test

Jim Cramer
Scott Mlyn | CNBC

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The new rapid test for Covid-19 from Abbott Laboratories could be the development that sparks a turnaround for the travel industry, CNBC's Jim Cramer said Thursday.

The medical device company announced on Wednesday night that it received an emergency use authorization from the Food and Drug Administration for a new 15-minute test. Abbott's stock surged on Thursday morning as some Wall Street analysts called the test a "game changer." 

Cramer said on "Squawk on the Street" that, if not for Fed Chair Jerome Powell's speech, the test would be the biggest markets story of the day.