3. 5 . The s p, a similar gain, about 2. 5 there. And the nasdaq composite up just with over 2 . That is clearly a rally. Helped by the Federal Reserves bond purchases, thats money printing, a report from bloomberg on a possible trillion dollar plan for bridges, roads and 5g access in rural areas, thats the stimulus plan, a new one. Also helping, really helping, news from an Oxford University study, a breakthrough in the treatment of the virus using steroids. It significantly reduced mortality. We also have the rapid opening up of businesses all across the country and maybe an improvement in u. S. china relations. Mike pompeo meets senior chinese officials in hawaii tomorrow. And then theres this retail sales in may up 17. 7 . That reflects the partial reopening of some stores. It is a very strong number. The president just tweeted about it. Ill read it for you. Wow, may retail sales show the biggest one month increase of all time, up 17. 7 . Far bigger than projected. Looks like a big
Riots in america where does it all lead how what does it mean for the next president ial election i have fair and cousins with me were going to talk about this fair and you know this is this is complicated its tough to do in 8 minutes to round all this out but as i was watching a couple of commentaries the thing that struck me was Rick Perlstein you and i did actually we interviewed Rick Perlstein my memory is who wrote nixon land and as i look at nixon land it plays right into what i see happening what is your take on it i think theres a lot of moving parts to this obviously you know weve got the the actions of the Police Officers not just the one you know who killed george floyd but whats been happening since then the videos of all of that the videos of people you know looting a target walking out with lego sets as if thats important to whats. Happening so theres a lot of different angles to this theres a lot of different sides to it but i think overall for me personally the Biggest
Ahead on todays show, fashion in the time of coronavirus. Well speak to anna wintour about vogues new partnership with amazon on a Digital Store front. Plus we will speak to truist ceo about his efforts now for Coronavirus Relief lets focus in on the stories we are watching Steve Liesman with the highlights from the fed minutes. Just released in the last hour and oliver chen is with us to talk about retail earnings and the big box names he likes so far. Michael, start it off with you what stands out . Yeah. The market just bobbed right back up from that lateday selloff yesterday. In fact, the low for today in the s p 500 hit about three or four times was yesterdays high. So it seems as if, you know, big money investors continue to behave in a way that suggests they feel underexposed to stocks if theyre not going to pull back a lot weve been talking a lot about this rotation theme. You have small caps up a lot and fin tech and financial all were really doing is stretching the upside of
Big rally bubbling up. Check out what happened to chinese tech stocks today as Congress Seems to be turning up the heat on china. Lets get to Kayla Tausche for the details. Melissa, the Holding Foreign Companies Accountable act technically applies to any nonu. S. Company listed here and it requires those companies to be subjected by the securities and Exchange Commission and if not to certify that it is not owned and controlled by a Foreign Government any company that cannot prove that would be dislisted. Here is john kennedy, the republican senator from louisiana who sponsored this bill i do not want to get into a new cold war all i want, and i think all the rest of us want is for china to mri by t play by the rules. Antichina sentiment has been gaining steam in recent years and it did not subside after the phase one trade deal was reached in january and this particular issue of transparency has gained new momentum after the fraudulent Financial Disclosures at Luckin Coffee just last
Protection program and businesses of all sizes have started to use the tax tools that we provided for their liquidity. But in that time the critics have also done what they do best. They criticize. The need came has seized on an opportunity to perpetuate every negative story that critics can manufacture. You can imagine my surprise when democrats criticized the net operating loss carryback provisions in the cares act. Because oddly democrats previously supported the last three bills where we expanded the net operating loss carrybacks in 2002, 2005, and even in 2009 with all democrat rule. So i dont recall in any of those instances any partisan attacks from democrats about this previously bipartisan, antirecessionary policy tools. So why now . Sadly, that irresponsibility has led our democratic colleagues in the house to pass legislation that would take back important tax tools that we have provided in the cares act to the tune of 254 billion, and thats a tax increase on the american bu