The s p 500 is up. 75 . Stoxx europe is up 1. 72 , the car and the Banking Sector doing well. The dollar is also up, or if paying attention to. And you are seeing higher bond markets. We had a very strong payroll number. The Market Reaction, Oil Initially positive, its certainly beginning to fade and beginning to feel a little more riskoff. Certainly did 20 minutes or half hour ago. Alix lets update the numbers. Let change in nonfarm payrolls 8 million overall. You also had revisions up for the month before back in may. The unemployment rate, 11. 1 . Add in some other factors, it 1 . 1 higher, so still good to keep that sequential part. Highlight, you brought this up yesterday, initial jobless claims coming in higher, 1. 4 million. So we can get excited about the jobs data, but it doesnt take into account when the sunbelt started to relock down. Guy in the big question is will economyn the u. S. Desperately needs another stimulus round, does todays number kind of undermining that . There are so many ifs and buts around this number, particularly when it was done, when the data was gathered. That was probably prethe bounce in cases we are seeing. A huge portion of those returning were in the hospitality and the leisure and retail space. That is a question we will be asking to Chuck Grassley a little later on. He is the chair of the Senate Finance committee. This. L get his take on plenty to discuss with the senator. What are the parameters we are working with here when it comes to the next round of stimulus out of washington . Alix the narrative at 8 31 is that the economy is in good shape, that was what President Trump said in his victory last at 9 30. It is coming up extremely strong. We have some areas where we are putting out the flames or the fires, and that is working out well. Alix joining us now is Constance Hunter, kpmg chief economist. If you were to describe the economy, is it roaring back . What is it . Jobsance with 34 of the lost in march and april have i think ato that reverent would be 75 of the jobs coming back. 34 of the jobs coming back is a reasonable expectation given what is happening on the ground with the progression of the virus. When we break that down into different sectors, at least either biggest return it bottom in a fracturing. Secondbiggest return into in auto manufacturing. Secondbiggest return is in construction. Leisureallimportant and hospitality area where we saw so many jobs lost, 42 of those jobs lost have come back. Mentioned, Unemployment Insurance claims are the more realtime data. Another feature of the jobs report is that about 600,000 jobs were lost permanently in june. So this composition between temporary and permanent job losses is a really important feature that helps us figure out the signal to noise ratio of this data. Guy what do you expect to happen in the hospitality and leisure sector . We have already talked about seeing a pickup in cases in places like florida and texas. Bars and restaurants have been shot. Indoor venues have been closed. What happens to those people that have been brought back by employers. Do they get laid off again or do they get kept . Bars and probably, restaurants have such low margins but it is highly likely that they get laid off again. We are expecting a lot of noise july. S data going into it makes watching this weekly Unemployment Insurance claims data that much more important, because, as alix noted earlier, that is the more realtime data. Concerns. Ave even if there werent shutdowns, what the data seems to show is that people start to engage in a version behavior as the caseloads rise. So even if they werent being shut down, the traffic would decline because people would be concerned about catching or spreading the virus and would be less likely to go out and go to bars or restaurants. Alix totally. It is more of a psychology thing, too. Today,e Market Reaction there is not a bit into the bond market, what is that . Is that meaning that any vaccine or virus headlines are much more marketsensitive than any kind of real data . Constance oh, for sure. The virus is dictating everything, the data, the jobs data, the highfrequency data, and it is dictating the market. So if we were to get any good news with regard to Treatment Efficacy or vaccines, that would be great. Also, we could dramatically improve our outcomes is we engaged in what is called targeted lockdowns, as well as protocols, like wearing masks, and people continuing to wash their hands. You dont hear so much about Public Service announcements wash your hands. Innow i myself have lapsed my handwashing frequency after i have been out to the grocery store, for example. That is something that can help mitigate the spread of the virus. If we do that, we are able to open more activities safely so long as we engage in these protocols that reduce the spread. Think long do you this is kind of getting into behavioral economics how long does it take to change peoples behavior if they have an economic incentive to do so1 well goodance well, that is a question. What we see with foottraffic data, that begins to predict spikes in covid19. People start hearing about people being sick, you see a change in foot traffic pattern, you see a change in restaurant reservations, then the data starts to show covid cases spiking. Case of a say in the version to becoming extremely ill or possibly dying from this disease, you see almost an Immediate Reaction in behavior. Alix so, i am amazed we havent brought up the fed. How relevant is the fed over the next few months versus what we need to get out of . Constance i think we are at the point where fiscal policy is the most important thing here. Locals because state and governments usually close their books at the end of june. They have balancebudget requirements. In order to make those balanced expecting to see layoffs of state and local workers on a pretty significant order of magnitude, 23,000,000 workers. That will have 2 million to 3 million workers. Let will have ripple effects on the economy terms of consumption and i cannot have your and behavior. Preventing those layoffs will be an important step in ensuring the economy does not spiral downward. I think the fed is doing the most they can do. They have more tools. Nevertheless, fiscal policy has a lot of lifting it can do to really help the situation and help us bridge the path. Guy constance, please stay with us. We will carry on the conversation. Constance hunter, of kpmg. What have we got coming up, alix . Dalio,have ray bridgewater founder. Weve got ray dalio coming up. We look forward to hearing what he has to say in a few minutes time. Alix live from new york, i am alix steel, guy johnson in london. This is the european close. Capital markets are no longer free, according to her Bridgewater Associates cochairman, ray dalio. He spoke exclusively with bloombergs erik schatzker. Ray today the economy and the markets are driven by Central Banks, and the coordination with the central government. What i mean by that is that the purchases right now of financial the Federal Reserve or the purchases by the Federal Reserve of government securities are the drivers of the market. Of the money,ion if you look at money and you sok at who is in the market, the Federal Reserve for example, will set an Interest Rate for different types of creditors based on its economic objective. In the old days, say when we had the 2008 financial crisis, we needed to protect banks because they were systemically important in the money market funds and commercial paper and the like. Now it is much broader, Global Economy is systemically important. If they didnt go out and make including companies, what we call fallen angels, those that were just above investmentgrade and fell into investmentgrade, we would lose large parts of our economy. So we are in a situation now they are the market makers. Tick the market and take the Central Banks out any have a different story. Including the value of money. What is the value of money . Think about europe, for example. The central bank will land to banks at 1 . That means you dont have interest payments. In fact, you have interest credits. And the Central Banks will take that debt on, they will own it. They have a political agenda, agenda, in which they will determine whether they will be paying it back, or when they want to be paid back based on how the economys doing, and what will happen. So, in that case, like, for example, in europe and similar situations like the United States and japan in varying degrees, they will make a loans that have interest credits, , and you may not have to pay interest or principal back, depending on what the conditions are at the time. Those are markets which are driven by Central Banks. Not only their actions, but their desire to be an owner of those assets, and their priorities about that ownership when they buy and when they sell are not the same as the classic free market allocations. As a result, the Capital Markets are not free markets allocating resources in the traditional ways. Erik one of the questions investors are wrestling with is how far Central Banks are willing to go in their effort to reflate Financial Assets to begin with, and then of course, they hope, transmit something through the real economy that will result in growth and jobs. How far are Central Banks willing to go with this power they have discovered they have . Ray Central Banks are willing to go, and need to go as far as it takes in order to keep the system afloat. Because we are in these late stages where we have a lot of debt, you are going to see Central BanksBalance Sheets explode. They have to, because the choice is the sinking ship. Guy ray dalio of Bridgewater Associates, speaking earlier on to the bloombergs erik schatzker, calling into question, you could argue, the very foundations of the economy we live in, and how they are distorted. Particularly the fed and others have had in terms of making sure the credit markets have function, and the ability of those credit markets to give companies afloat. Constance hunter of kpmg is still with us. , alex talk to you about the fed before the break, lets carry on that conversation. Clearly, the fed has had a meaningful impact on rescuing companies from this crisis, and it has done so through the credit channel. Do you think it is done with network . The think the credit channel is now open and sustainable enough that it can stand on its own two feet, or do you think more help will be required . Constance really, what will dictate that is the path of the virus, and how long the bridge needs to be to the other side. Certainly, we have seen the fed has not used all of its facilities that it announced, right . It announced, we have a huge arsenal of things we can do, but it did not use them all right away. One, it still has room to do part of what they announced that they have not needed to do so far. I want to address something that ray dalio said about market function and what is going on with markets, because, if indeed we are on the cusp of a potentially deflationary bout as a result of the extreme demand shock from covid19, then it actually makes sense, from a market perspective, to want to preserve capital. For example, lets say you are lending money to a corporation that has near zero Interest Rate. You are saying, as long as i get my money back in a disinflationary or deflationary world, that matters. That is a trade i am willing to take. And so, i think we dont know yet if it is true that markets are not functioning. Expost learn that when we start to see the interaction of demand in the economy. Alix is it too late . We are already seeing more risk in the highyield market and other areas of the fed oceans them out that way . Constance that is an excellent question. The way i think about the fed is that they are acting as lender of last resort. The one thing ray mentioned that is important is that their timing is different than would be, for example and investors time horizon. They are coming in as the longterm money. When you look longterm, i dont think we are going to have deflation forever. We have a period of deflation, it will be painful, and more problematic for highly indebted companies, but we will get past that eventually, and we will see the cycle turn, it is just going to make it a little more difficult. And for this period of time we are in, this this inflationary or inflationary environment this thidi sinflationary or deflationary environment, it will make it hard to get your money back. Guy one of the things supporting equity markets right now is the belief that we will return to normal earnings. Earnings will continue to flow down to shareholders. One of the problems with that is that companies are now holding o a lot of debt. I wonder if we see the continued ication of different sectors of the economy, what effect that will have, and how does the fed ultimately end up managing that process of finding a way to re stimulate the economy in the aort term, but not have detrimental effect in the longterm . Constance that is a great point. Pulle companies in general down potential gdp because the viable firms that have to compete with these Zombie CompaniesZombie Companies dont have as high productivity or as high growth, so it has a dampening effect on the whole economy, and the fed is rightly concerned. This dials back to what we were speaking to before the break, which is, what is the role of fiscal policy . In order to prevent too much burden falling are Central Banks to resolve the Economic Issues around the crisis, we need fiscal policy to step in, otherwise you do risk promoting n which overall cuts your gdp. We are lucky in the u. S. That have a very good bankruptcy process so we are less prone to zombiefication than other jurisdictions in the world, but it is still very much a risk Going Forward if we continue to support companies that should not be continuing to be in existence. Alix constance, thanks very much. Good to catch up with you, Constance Hunter of kpmg. Coming up, Super Saturday in the u. K. What guy will be doing on saturday night. We will also be speaking to the former health and Human Services record terry, Kathleen Sebelius on bettering the coronavirus, and a potential second wave. This is bloomberg. Guy welcome back. Live from london, im guy johnson, with alix steel over in new york. This is the european close. Super been dubbed saturday. Feels like a long way away at this point in time. I know that you guys are about to enjoy the long weekend. There is lots of concern in the u. K. About what will happen. The u. K. Treasury earlier on tweeted out grab a drink to theening the doors on fourth of july. Pubs are back. We are concerned we will see a repeat of what we see in places like texas and florida. People go back into bars, trying to obviously limit the effect of this. Nevertheless, there is a huge risk. We are seeing already regional lockdowns. There is a place in the midlands called leicester that has more onerous lockdowns rules. We are word we will end up almost square one. Alix apparently like 960,000 u. K. Hospitality staff are going to return to work over the course of july. That is huge. To your point, i should point out new york cases rose about. 2 , the third consecutive rise we have seen. It is still low, but nevertheless, the shutdowns in the sun belt have definitely been tied to those younger kids. Stay away, go to the oldperson bar instead. [laughter] probably stay outside, probably best advice. [laughter] coming up next, we will talk about what the european close looks like. We are seeing a good day for the equity markets. We will talk about that next. This is bloomberg. I got an oriole here. Eh. Common bird. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Guy 30 seconds to go until the end of regular trading. A very positive session, particularly for the continental market. Banks a prime driver of what we are seeing particularly in france. A pretty solid day in germany. London, a little bit of a laggard today. The claims number pushing higher as you can see midway through the session. Not quite session highs. We are trading on light volumes, which is worth bearing in mind. The are going to be open tomorrow, the u. S. Is not going to be open tomorrow. Do you want to carry that risk through the long weekend with the u. S. Out . Those futures are trading. That is something a lot of trading decks are going to be talking about. The dax up by 2. 9 . The ftse 100 up by 1. 31 . Let me just reinforce that we have seen light volume today. Volatility has come down. In terms of breakdown, let me quickly run you through what we have seen. Di daimler doing well. The chemical sector is also trading higher. Hsbc in london also trading strongly despite what is happening in hong kong. The more defensive bondlike names are still big today, health care up, and the food and beverage sector also trading strongly as well. Retailer hereuge in the u. K. It is owned by associated british foods, which is largely owned by the weston family. Nevertheless, coming out with numbers today. It was due to do 1 billion worth of business this year. It is not going to happen. The numbers today being broadly greeted. The census seems to be it could have been worse. The stock up by 4. 5 . Bmw cars are doing well. Today. Ibas up nearly 6 very strong day for french banks. Alix good stuff. All the focus continues to be on reopenings all over the world. The focus on the u. S. , florida cases rising 6. 4 yesterday. Hospitalizations hitting a record and deaths among the residents reaching over 3600. New york seeing a Third Straight day of consecutive rises in cases. Joining us now is a former health and Human Services secretary, Kathleen Sebelius. How do we get people back to work, back to indoor bars, indoor restaurants safely, or are all bets are off in your opinion for anything indoors until there is a vaccine . I think the first indoor activity that america really needs to focus on is how to get kids back to school. There are way too many parents who cannot go back to school unless their children are safely in school, and there are way too many kids losing time. Unfortunately, i think the focus on bars and restaurants may not be the right place. Those are actually potentially youngerfor attracting people who wont pay a lot of attention to guidance rules, who wont wear masks, who violate rules. Appropriate depth may be focusing on workrelated schools because of we cannot get kids back to school in september, there is no amount of economic recovery talk that is going to be very successful. Way too many parents need School Stability for their kids. What needs to happen to make school safe . What resources need to be given to then . How is it going to work in terms of different age groups . How do you make a school that can work in a covid world and what does it look like . Kathleen i think there are schools that have safely reopened. Some of the u. K. , some in asia we can take lessons from. There certainly are steps people can take about testing and separation in classrooms. Everybody seems to agree, all helpxperts and not only experts, but Health Education experts, the younger the child, the more important it is to get them in a structured socialized setting. Small groups, pods, not sharing toys, not sharing snacks. There are some things that need to be done, but they need to be put out to School Districts very quickly and we need to begin certainly, Congress Needs to pass the next wave of assistance to state and local governments because what is happening right now is teachers are being laid out. Nurses are being laid off. Music teachers are being laid off. It is exactly the wrong direction because cities and states are struggling with budget issues and these are Public Workers who desperately are needed to provide that school structure. You brought that up because it begs the question, as we reopen and you can focus on schools, whose job is it . Is it the individual school, the state, the county, the government . How much oversight and where should it all fall . The argument make with businesses dealing with liabilities as well. Who takes on the burden . Kathleen we still dont have a National Plan and i think we are paying the price for that. We are watching what states try to do. We are a big mobile country. People move from state to state and move around. The notion that we dont have one kind of set of guidance is very clear. Coming out of our national administration, coming out of the cdc and then implementing at a state and local level is just insane. We are paying the price for that and watching cases continue to surge and move around the country. School guidance needs to be very much the same. It doesnt matter if your kid is in school in georgia or oregon or maine, what we know about this virus, the rules about separation, younger children versus older children, what can be online and what cant, are very much the same. Cdc should put out very clear guidance. Governors across this country should echo that guidance and local districts implement the guidance. That is what typically should happen in a situation like this. Same with businesses. It doesnt matter if you are running a bar in kansas or in california, the rules should be very much the same. If the problem, in your mind, in the United States, that we have had a deconstructed response to this, that is largely being led the local and state level, are you advocating that we need a much stronger federal presence in guiding america through this process . Absolutely am. I think what you saw in april is the cdc put out very clear guidance, National Guidance about reopening, including the fact that every state in the country should look at their trajectory of cases and have a 14 day downturn. The following day, the president of the United States, using his amazing bully politics, any delay came after democratic states. He made the issue partisan, which is terrifying in a Public Health crisis, but came after democratic states insisting that they liberate michigan, that they liberate virginia. He encouraged protesters who were showing up. From that point on, we have had of governors trying to be supportive of our done onet and have direction and governors trying to listen to Health Sciences have gone in a different direction. Rules have been different all over this country and we are paying the price. We had a downturn, we had some states collaborating, but they cant do it on their own. Forwardts lock this then. Either when it comes to a second wave or Something Like this and down the future, whether it is client change issue or another pandemic, and also when we have a vaccine, what do we need to do as a government to prepare for that in terms of inventory, money distribution, personnel . What would you be recommending if you still had your spot . Kathleen Vice President biden just put out a pretty comprehensive plan of his proposals to deal with this, which i would very much support. It starts with a very clear federal role. The federal government has unique financing. The federal government has unique logistics powers that states dont have. Chain anda buying international and Global Market chain that states dont have. We have been playing this game from the beginning and it is a very dangerous game where lives have been lost and states were left on the round to find protective equipment or states were told, you make testing supplies based on how nice you are to the president where it is going to carry erotic Distribution Systems. Frankly, no transparency at all. No one knows the criteria by which things are being distributed. We cannot have that Going Forward. Vaccines wont come all at the same time. They wont be available for the entire population. Cdc needs clear guidance on who should be vaccinated first. We need a very transparent system of how those Distribution Systems are going to be set up and how the vaccine is going to get to those places. And then, we need a very Clear Communication about the necessity for people to get vaccines. Wewe have the same response have had to mask where some people decide to do it or dont make a political decision to not make not get a vaccine, we will continue to have this irish this virus rage in this country potentially for years. Guy on that note, we will leave it. Kathleen sebelius, former health and Human Services secretary. Thank you very much for your time. We have wrapped up european trading. Lets take a look at what the general numbers look like. Generally positive. The payroll number in the stake providing the macro backdrop. Good numbers being posted. We will carry on coverage at the top of the hour and do so on bloomberg radio. The cable show in the london area. This is bloomberg. Im guym london, johnson with alix steel in new york. This is the european close on bloomberg markets. Lets turn to the question of what the u. S. Government is going to do to support the u. S. Economy Going Forward from here as the nation continues to grapple with the pandemic. Earlier, jon ferro asked larry kudlow what he sees ahead. He is right, many things are on the table, it is just a choice of shaping it. I thought the original rescue package was very smart. I dont know if everything has to apply all over again. We will see. We assessed the economy, that is the key point. Guy larry kudlow speaking earlier. Joining us now from washington is republican senator Chuck Grassley of iowa. Thank you very much indeed for your time today. Joining us to talk about what is happening with the u. S. Economy and what needs to happen next. Today, we saw some very positive payroll numbers being posted by the u. S. Economy. Does that make it harder to get the next round of stimulus passed . Grassley yes, but that makes common sense because as the economy comes back faster, there will be less in the next bill. If it comes back slower, then more, but there are several other factors that go into it billionwe have put 150 into state and local governments. We need to find out between now and the end of july that has been spent. If that hasnt been spent on covid19, then we need to get more flexibility to states to use the anyway they want to. But if that hasnt been used, then that would be less state and local revenue. Billion to 8 70 million going to hospitals and health care generally that hasnt been put out yet. We need to get that put out and see how much more needs to be done. And then, we have to deal with the unemployment situation. 600 aly cant continue month on top of the states because we are paying people work. Ot to work than to one ep people when you pay people more to not work, then august, they wont work. We need to encourage people to get back. We probably need to have a phase in of something less than 600 to encourage people to go back to work. Alix what do you support . There has been many different things. 200,ng the 600 to perhaps you give a bonus going back to work. Some might say that because the employment number is getting back is getting better, there hasnt been a disincentive in going back to work. Just had aey i conversation with members of my committee on this subject this morning for about 45 minutes. I will give you a couple variations. One would be a onetime bonus to go back to work. The other would be something 40, ts say 30, 30 , 40 percent, 50 of the 600 on top of what the state unemployment is,. A lot of this has to do with not what would be a magic number to get people to go back to work, but we have got 50 different state unemployment systems. They are so backward that that is kind of an impediment of being able to tell you right now exactly how we ought to do it. For instance, one of the senators reported to me that from his judgment, that he threet that within two to months, we could get Something Else put in place. We need something to go into place right away on august 1, if we can. How complicated is the process now being made by the fact that we are seeing big states in america, florida, texas, america, having to reinforce partial lockdowns and limit peoples ability to go about their business . How is that changing the dynamic in the conversations you are having with your colleagues in washington as to what needs to happen . Is. Grassley i think it going to have an impact particularly not with the big increase in unemployment and even bigger figures than we thought we had for me, the extent to which that might slow down because of the virus. It is going to make a big difference in those parts of the state where it is shooting up. With thebe offset increase in Economic Activity that is going on in some big states, big economic states like ,ew york and illinois, detroit new jersey, massachusetts. It could be a wash from that standpoint, so it is hard for me to weeks into this shooting up of the virus numbers, to tell you exactly how, but it is going to have some impact. I amhe listening public, sure there is going to be another bill. It is kind of what is in it and that is what you and i are talking about. I just want to ask you a gentle question. Concern that private equity firms took sba money went potentially, they shouldnt have done. Those firms now have the risk of being named. Do you think that any private equity firm that took money, should be paying that money back . Grassley i believe they are going to be embarrassed if they dont. Maybe i shouldnt even be answering your question because i dont know those facts. We already know that there is a lot of companies that receive some money on ppp that shouldnt have received it. And gave it back. One thing is, if they got it without fraud, there is no problem, just give it back. If there was something underhanded, obviously, that as a whole different issue. Alix i dont think it is underhanded, necessarily, i think criticism is that private equity has a lot of money so why should visitors be bailing out private equity . Grassley i am sure if the question youre asking me had come up in march when they passed this, it would not have happened. The extent to which it did people that had administered these programs be at fault, if they are abiding by the law, the answer is no. Blame congress because the law wasnt clear. I would think that they would be embarrassed enough to give it back. On final quick question usmca. The effect of that is obviously going to be positive for the economy. To what extent do you think it is being undermined by what is happening with the virus . We are seeing a significant number of cases in mexico. Clearly, that is just a shortterm phenomenon, but give us your sense of the effectiveness of that bill now that we do see these virus cases on both sides of the border. I think youve got to look at how good the usmca is. It has been updated to cover a lot of things that werent at issue 30 years ago. It is going to increase the gross gdp of the United States. It is going to increase them employment. It is going to be a whole new market for a lot of our agriculture products that we never had. It is good from the standpoint of the policy. You are asking about the viruss impact on it. That would be no different than if we didnt have the usmca and we had nafta. It is just something that is slowing down the economy, generally. The same as it is worldwide. I wouldnt say anything bad about usmca because of the virus. Impact agreement or no agreement. Alix it has been a real pleasure to talk with you. We will have to come back. My friday kicks off in a few moments time. Guy has a few moments to go. For the last few years, bloomberg has been partnering with the boston pops. The experience of little bit different this year as everyone will be in their homes. Joining you now for a preview of the boston pops is the conductor. Usually, i am next to you for the next four days as we put on the program. What are you going to do this year . As you know, everything is different this year. The performing arts have been hit particularly hard. We fought for some time even though we announced it rather recently, that there was no way anybody was going to green light half a Million People sitting close together on the stage. Putting on, producing and showing on bloomberg at 8 00, on july 4, a salute to our heroes. It is a retrospective show of the last three years with some of the best artists and most amazing moments in those shows, plus new content and new content created virtually. Some of it as recently as just last week. Roductions and context contacting from our bloomberg who sadly, dont continue this year. I think it is going to be a really moving and special show. It is where a lot of america chooses to spend the fourth of july and we want to make sure we deliver even when we cannot all be together. Alix what has it been like to support the boston symphony and boston pops . It is an agonizing period of time. This is not one of the industries that gets talked about a lot. Most of the people, my colleagues and friends and the people who have made me look good for the last 40 years of my life, most of them are part of the gig economy. None of those gigs are happening. Is completelyeam dried up for them. The fulltime musicians have accepted a pay reduction. It is hard on everybody, not just economically, but because it is what we do, it is our voice and it is very important for us for reasons beyond the paycheck. Alix i really wish i was in person as well. Hopefully, next year we will be able to do the fireworks spectacular. The annual broadcast of the boston pops fireworks spectacular is this saturday at 8 00 p. M. In new york. That wraps it up for guy and me in new york. Guy will be with you tomorrow to take you through all of the action as well. Up, balance of power with david westin on Bloomberg Television and radio as we still get virus headlines combining with a solid jobs number. Happy sort of friday. This is bloomberg. David from new york to our tv and radio audiences worldwide, welcome to balance of power. I david westin. We start with the markets and go to abigail doolittle. Abigail they are trying to rebound once again. You are right, a very strong jobs report. Extremely stronger earlier, up more than 1. 5 , even more than 2 on some of the indexes. 1 . S p 500 up about the nasdaq around the same level. Record closing high being helped out once again by bank stocks. Financials doing well also. We have a nice sector composition here for stocks. On the week, we are looking at an up week. There has been volatility. Here for stocks as the bold and bears are battling it out for which side is