The reopening stocks led Wall Street higher on vaccine optimism, but investors may want to be selective about what stocks they pick up with the market at or near highs, CNBC's Jim Cramer said Monday. 

"The real issue in this market is faith. The buyers have faith in the future, something that feels out of place right now for most people, with Covid cases skyrocketing. Those in despair are sellers or they're doing nothing," the "Mad Money" host said.

"But the believers? There doesn't seem to be a price that they won't pay, at least for the moment."

The comments come after the 30-stock Dow Jones and broad S&P 500 indexes ran to new highs during the session, boosted by another positive report about vaccine research, this time from Moderna, which reported a 94% effective rate in a late-stage trial.

More in category

'Not only is this assignment physically taxing, but it may be emotionally taxing,’ says ad for morgue attendants in Texas
November 23, 2020MarketWatch
'Not only is this assignment physically taxing, but it may be emotionally taxing,’ says ad for morgue attendants in Texas
Carl Bernstein says 21 Republican members of U.S. Senate have expressed disdain for Trump
November 23, 2020MarketWatch
Carl Bernstein says 21 Republican members of U.S. Senate have expressed disdain for Trump
Opinion: Another bullish factor for the S&P 500: strong seasonal trends come with Thanksgiving turkey
November 23, 2020MarketWatch
Opinion: Another bullish factor for the S&P 500: strong seasonal trends come with Thanksgiving turkey
Tesla’s stock powers up to a record as Wedbush analyst raises bull-case target to $1,000
November 23, 2020MarketWatch
Tesla’s stock powers up to a record as Wedbush analyst raises bull-case target to $1,000
Tesla could be the next trillion-dollar stock
November 23, 2020MarketWatch
Tesla could be the next trillion-dollar stock
There will be a ‘huge boom’ in the second quarter of 2021 if vaccines are effective, says investment strategist David Rosenberg
November 23, 2020MarketWatch
There will be a ‘huge boom’ in the second quarter of 2021 if vaccines are effective, says investment strategist David Rosenberg
Here are the top ‘high-conviction’ buys for Q3 from star stock-pickers according to Morningstar
November 23, 2020MarketWatch
Here are the top ‘high-conviction’ buys for Q3 from star stock-pickers according to Morningstar
It’s 2:30 a.m. in Wyoming: ‘You’re holding a smartphone to let a husband say goodbye to his wife via FaceTime after 60 years of marriage’
November 23, 2020MarketWatch
It’s 2:30 a.m. in Wyoming: ‘You’re holding a smartphone to let a husband say goodbye to his wife via FaceTime after 60 years of marriage’
Is COVID testing free? Where can I get a rapid test? Your complete guide to coronavirus testing
November 23, 2020MarketWatch
Is COVID testing free? Where can I get a rapid test? Your complete guide to coronavirus testing
Michigan certifies Biden victory as Trump’s legal team suffers further losses
November 23, 2020MarketWatch
Michigan certifies Biden victory as Trump’s legal team suffers further losses
Biden picks Yellen for Treasury secretary: WSJ
November 23, 2020MarketWatch
Biden picks Yellen for Treasury secretary: WSJ
Yellen, pushed aside by Trump, returns to center stage of economic policy
November 23, 2020MarketWatch
Yellen, pushed aside by Trump, returns to center stage of economic policy
Trump administration gives Biden approval to begin official transition process
November 23, 2020MarketWatch
Trump administration gives Biden approval to begin official transition process
Los Angeles poised to impose stay-at-home orders as coronavirus cases keep surging
November 23, 2020MarketWatch
Los Angeles poised to impose stay-at-home orders as coronavirus cases keep surging
Elon Musk is now world’s second-richest person, as net worth has grown more than $100 billion this year
November 23, 2020MarketWatch
Elon Musk is now world’s second-richest person, as net worth has grown more than $100 billion this year
Is upbeat COVID-vaccine news priced into the market?
November 23, 2020MarketWatch
Is upbeat COVID-vaccine news priced into the market?
German third-quarter GDP rebound revised up
November 23, 2020MarketWatch
German third-quarter GDP rebound revised up
Boris Johnson announces cautious Christmas easing of COVID lockdown, as Emmanuel Macron prepares to do same in France
November 23, 2020MarketWatch
Boris Johnson announces cautious Christmas easing of COVID lockdown, as Emmanuel Macron prepares to do same in France
Asian markets gain, encouraged by vaccine news
November 23, 2020MarketWatch
Asian markets gain, encouraged by vaccine news
Stocks rise as investors cheer Biden transition, vaccine progress
November 23, 2020Reuters
Stocks rise as investors cheer Biden transition, vaccine progress
Suited avatars and digital offices: traders and bankers embrace VR
November 23, 2020Reuters
Suited avatars and digital offices: traders and bankers embrace VR