Squawk alley. Morgan, thank you very much. Good morning. It is 8 00 a. M. At snap headquarters in venice beach, 11 00 a. M. On wall street, and squawk alley is live. Starting from the bottom, now were here starting from the bottom, now my whole team here startied from the bottom, now were here started from the bottom, now the whole team here good thursday morning. Welcome to squawk alley. Jon fortt, sara eisen with me here at post 9 along with Business Insider ceo henry blodget. Good to see you this morning. Good to see you. Eight years in and still going strong. The s p rallying nearly 250 since hitting that closing low of just over 676 on this day in 2009. This is the second longest bull market ever. Oil, on the other hand, falling below 50 for the first time this year. Of course, had the worst day yesterday in about 11 months. Just to put the rally into perspective, henry, would you have been skeptical of for a long time, more now than ever . Yes. The higher we go on valuation basis
Federal reserve. Wrong i dont agree. I say to this new mood of expansion and optimism and confidence began with the election of donald trump. He said he would take the shackles off private enterprise and thats what businesses are responding to, and so is the marketment make no mistake, this is the trump rally. Top banker jamie dimon says trump unleashed animal spirits. We are going to open up, what, triple digits when the market opens in about 29 minutes time. Well be getting very, very close to dow 21,000. Its a big day. Action on owl front. And Varney Company is about to begin. Well, the jobs report looks like its going to dominate the mornings trading on wall street. Lets get straight to liz peek who joinus this morning. I say its a solid jobs report. You characterize it, please . Its more than solid because of the mix of jobs added. Strong growth in manufacturing. The only drag, really, is retailing, which is, by way, going to continue for some time as many stores are closing, but
Replace obamacare with republicans out in full force today making their arguments. Senate democrats led by Chuck Schumer demanded that republicans drop their Health Care Plan while moments ago nancy pelosi is still speaking and meantime, they are trying to reassure colleagues against the Health Care Plan saying its going to be revealed in three process. Remember, this is a threestage process. Over on capitol hill, two use panels, as i mentioned, pulled all nighters. They were markinup the bill. The ways and Means Committee approved it after 18 hours, giving republicans their first victory in the health care fight but the energy and Commerce Committee is still debating right now, passing the 24hour mark just a short time ago. These are live pictures of that hearing, which is still under way. We have all the angles of the story covered for you with our team of reporters and influence guests in the world of politics. We begin with the marathon going on on capitol hill. Kasie hunt, what ha
Its actually seen by many, though, as a fullon sprint by the partys conservative members, saying in no Uncertain Terms to leadership, slow down. Were expecting to hear from House Speaker paul ryan any minute. Will his optimism, i do wonder, endure from yesterday . Well take you there as that begins. Over at the white house, President Trump is trying to strike a deal. But if it doesnt work, if that deal does not work, hes got a backup plan. Let obamacare fail and blame democrats. Right now lets get back to capitol hill and listen in to House Minority leader, the democratic leader nancy pelosi, speaking about this. The cbo score to show what the impact of the bill would be. Now, it was interesting, because as i said to some of you yesterday, speaker ryan then as Ranking Member of the committee on the budget signed a letter to Doug Elmendorf along with the committees Ranking Members of ways and means and education and labor, asking for saying we shouldnt proceed until we had a cbo report,