Steepening and broadening and a lot more this is one of those rallies that not only is taking people by surprise, but continues to roll and were seeing major gap ups i was mentioning on squawk major gap ups in the morning more of the 1980s action and its very interesting because stan talked about his views of the 1980s and theyre pertinent as ever. We have incredible and we have a president who wants new highs and we have stocks that are recovering well ahead of the fundamentals but some people can say that is what should happen look at the airlines we are hhad some numbers from pl lebeau and almost as if people decided covid is over and its a vshape rally and you better get on board and that makes you a little uncomfortable. Well, i just think that the friday rallies, as sweet as it was off the unemployment number has not put out any sellers, carl and i often think that there have to be sellers at a certain level. I mean, can you really take the banks up so much when there was so much
Theres the dow. Its a gain of 242 points. 3208 for the s p nearly onehalf of 1 . Nasdaq there at 9840 liz young, i want to go to you first. For somebody who has been uneasy over the run of this thing, what do you say now i remember our conversations about too far, too fast and now here we are. What to you do this is one of those weeks. Last week was one of those weeks that makes you really be humble as a Market Participant. The narratives have shifted. Now its shifted to participate in the restart what were seeing here, first shs i want to mention that im an investor, not a trader. Im trying to make money over the mid to long term here. Not necessarily on a weekly basis. The technicals of this market would tell you to protect yourself because theres so many stocks trading above their 50day moving average. It feels frothy. If you look at long term fundamentals both economic fundamentals and corporate fundamentals, it still says theres room here and you should buy as a long term i vestnv
I was very impressed by that. Taylor i am taking a look at some of the individual sectors. I may need to do a correction. The utilities, some of the worst performers, and the industrials. If we were really thinking that this infrastructure plan could go through, they were up less than 2 , just mildly outperforming, but mostly right in line. Here in the green. We were having a discussion of a discussion about how cheap everyone else looks and if the u. S. Can command a premium given that there is more growth in this market. Romaine samantha is still with us. There are sort of a lot of crosscurrents here in this market. We talked about the idea of the market sort of being swung by concerns of a covid19 second wave. Of course, in the middle of all that, you have corporate profitability and earnings, still relatively opaque at this moment. What are some of the main things you are looking for that will give you some more clarity about how sustainable this rally is . Samantha i think we have
Dow surging 461 points, s p gaining 1. 21 , nasdaq advancing 1. 31 . The s p up for 2020 now including a 47. 5 gain from the march lows im repeating that, a 47. 5 gain from the march lows. All of the airlines, arent that he mazing . They wont quit. Some goes for the cruise lines, the hotels earnings who needs earnings bother me later. The casinos are on fire. Who can resist now that theyre open again oils warring. The price of crude up 75 from that bizarre bargain, take some will you, this is a vshaped recovery like this, and then theres boeing, up more than 150 from its lows in march. 12 move today the biggest winner of the dow and best month ever can you imagine, humor me for a second, could you imagine if they got some orders it all makes sense even if this run all the recovery stocks are low, so theyre off the highs, and thats why its easy to see why theyre so irresistible since we have no faces here. Buy, buy, buy and any earnings can spoil the party but there are none that said,
Significance, that infection rates fall after lockdown orders are lifted. Repeat, thats jpmorgan saying that. Big deal. All right. Now listen to this. Scuffles between probeijing and prodemocracy hong kong legislators. Why are hethey doing that . Thats the wrong tape. Show me the legislators scuffling, please. China just moved to take control. Those freedoms promised to hong kong when the british left are being wiped out. U. S. china relations turning very sour. Initially, that didnt go down well on the market. Futures turned south but then substantially recovered. Right now, were up about 20 points for the dow, modest gain for the s p, tiny, actually, fractional loss for the subpo p. This is a very important day. You will see the president at the white house saluting veterans. You will hear from officials and businesses across the nation about the great opening up. And we will tell you what you are allowed to do this weekend, and where you are allowed to do it. Varney company is about