Day where we can see some real progress. Charles what this means for businesses coming up, what this means for businessing coming up. Plus as more may be needed, a man whose devotion to the constitution sparked a uproar on friday. Kentucky congressman Thomas Massie will be one of my favorite guests today. Food network host guy fieri joins us spores forces with other Celebrity Chefs to create a relief fund for restaurant workers across the country. He will join me at the government of the hour. All that and much more on making money. Charles briefly exited bear market territory. The s p, nasdaq however, remain more than 20 off their alltime highs. Not all bear markets, folks, are the same. In fact according to Goldman Sachs there are three types of bear markets. You have got structural, the ones with the most devastating downsize. Theyre caused by financial imbalances. You have cyclical. These correspond with normal slowing economic cycles. Then event driven. Event driven bear markets a
Charles we begin with a record folks. The s p 500 in record territory at this moment hitting an alltime high earlier today. The dow not far behind. Were very close there. Its a huge day on wall street. I want to bring in our guests on that erin gibbs, and shah galani. Let me start with you. Both you and erin are my two favorite market guests. Youre a little cautious on market. Reaction to earnings and data news that is coming up this week. What do you make of it . Im quickly losing my caution, charles, and the reason is, the markets responded very well to earnings. The old recessionary tiff which held market sway for a while seems to be behind us as news comes out on earnings. Markets are looking at earnings, saying what recession . Gdp Growth Continues to be strong. Fed will cut this week. Market moving forward. Dow and nasdaq are making new alltime highs this week. Charles erin, the big news this morning, there is a lot but the tiffany news is remarkable, this is a name, one of the r
His presidency. Many hoping that the vietnam war would end soon. It did not. After a raucous 1968, a lot of people were optimistic that the economy was on the mend and it was all clear sailing ahead. That was then. Similar hopes today. A lot of it built on an unemployment report that shock ad lot of people, it was more like a goldilocks number. Very low Unemployment Rate. Even though the number of overall jobs gained. That was a little less than thought but it continue as trend of jobs that are advancing in the latest period. Well get into that. But meantime, a lot of attention is on the reported itself what it says after a week we got news the Manufacturing Sector was slowing down, the Services Sector was slowing down. They were ready for bear today. They didnt find that. They found Something Like i said a goldilocks number that hit all the right buttons so far, the dow up 228 points. Lets get a read on all of this from Edward Lawrence who crunches numbers as we speak. Edward . Report
Own emissions standards. All that and so much more on making money. Charles well, we begin with the fed the day after and while most observers agree that jay powell did a better job communicating, yet confusion reins as fed members are all oaf the map where rates should bo from here. President trump telling fox news what he thinks of the rate cut decision. I think we should do more because other countries have done more. If you look at germany, if you look at japan, look at some others theyre cutting much more. In fact theyre borrowing money, getting paid to borrow money. Were paying interest. Were the most prime in the world. We have this great economy. Were doing better than weve ever done. Our employment numbers are the best they have ever been, unemployment numbers also. We are doing freight. We should be cutting there is no inflation. Charles as the fed is pumping even more cash into our Financial System today. In fact over 200 billion in the last three days in the repo market. Wi
Manufacturing was steady with 8,000 jobs added there. Adp numbers coming out at a time where some people are worried about recession. It Shows Confidence businesses continue to higher despite those recession fears. It was the best month for private sector hiring since april. It is interesting, because yesterdays ism manufacturing number was a little weak. It showed some contraction. People were worried about that. This counters it a little bit. I want to look at Mortgage Rates as well. According to freddie mac the fixedrate for a 30 year down to 3. 49 . That is the lowest level in almost three years. What this is telling us, refinancing activity that weve seen will probably continue and low Mortgage Rates like this should stimulate the housing markets. Take a look at the top three dow component today. Intel, caterpillar, 3m, showing some significant strength there. So its a broadbased rally but you have got technology and industrials leading the way. Tomorrow of course, weve got nonfar