Is it a u . Maybe its an l. Or perhaps its a z. Or maybe its a w. Or a nike swish. We keep hearing people argue about the shape of the recovery. But this whole debate misses the point. The defining question of this market is very simple. Will we have a depression . Anything that makes a depression less likely causes stocks to explode higher thats what yesterdays rally was about. Even though we gave up some of the gains today, im calling it a consolidation day no matter what dow sinking, nasdaq dipping 5. 4 when you have a bag r big rally yesterday and it us diddant give up everything because of a Late Afternoon sell off, it is a of a kelgs. The issue is not whether well have a rapid v, recovery u, bounce the w, l shape, i dont know the l, of course, is the house of pain for ages maybe we havent started talking about the swish because of the Michael Jordan series. The market slows down dramatically all the people fretting about the shape of the recovery are getting ahead of themselves.
That shape which would be very good news. Taking a look at some stocks, apple as you mentioned alltime highs, adobe, amazon, microsoft, all close within 3 of alltime highs. Thats a range of different kinds of stocks. Apple and microsoft are the two most valuable stocks that i track, two of the most valuable companies in existence right now. Adobe had been more of a kind of growth momentum play type stock despite fat k despite fact its big and strong and has strong growth. For that to be as close to high as it is and up nicely this morning as well, serge sacertais something morgan. Weve been talking about it all week, the rotation into the stocks and sectors that are tied to this reopening narrative that were seeing play out across the country and really across the world in general perhaps unsurprising to see airlines, leisure and hospitality, banks and financials, the type of stocks leading the market higher today, even though from a sector standpoint in the s p every sector is in the
Overnight. Contained and thats roughly surprise move in a late night tweet, the president says he what we do now will forever change our tomorrow. Will suspend all immigration to what the country is doing in a the u. S. Week why hes making that move now so lets do the right thing, today. Thank you, that sets us up lets stay at home. With most of the countrys for dr. Hamburg, she saw. Hamb borders already closed lets wash up. Lets always keep our distance breaking overnight, intense please, six feet apart at least. Speculation over the health of diagnostic testing of ebola and lets look after ourselves, as well as others. North Korean Leader kim jongun h1n1 after multiple reports claim he dr. Hamburg, good morning to is seriously ill you. It will all be worth it. Good morning. The u. S. Monitoring the before we get into the situation closely. We can all do our part. Well have the latest. Testing issues, im hoping you so those on the front line can do their part. Putting social distancin
Is it time to bet on stocks that thrive and rebound in the economy . Thats what todays action said. Dow gaining 359 points the s p rising 1. 47 that was easy ooh, and the nasdaq advancing 1. 1 buy, buy, buy with many of the biggest losers of the year leading the way. [ moo i say not so fast. Look, we all want to go back to normal even after we lift the lockdown, the new normal will be different from the old normal. Im tired of the cliche, normal this, normal that. Things have changed for starters the new normal is less investable i dont think it makes sense to fall into the gap of Carnival Cruise or attend live nation concert. The streets roared theyre compressed springs given how far theyve crashed, i think theyve got more legs to them hey, if i were a Hedge Fund Manager id do these stocks by tradein state by state openings if i were an investor like you, i would let them run if i was stuck in them, then escape for the stocks well be talking about later in the show. You have to unders
Manufacturing, down 1. 3 million. Overall, whats striking is how fast we descended into a depressionlike situation and of course, we want to know how fast we are going to recover. White house economist larry kudlow will join us in just a few minutes. Is this as bad as it gets and whats the timetable for returning to growth . We will ask him. Before the news came out, the dow futures showed a gain of about 250 points. The moment we saw the numbers, dow futures were pretty much the same. We have now moved up a bit more. We are looking at a gain of 284 points but remember, these numbers were expected. They were already baked into stock prices. Stocks are up because investors are looking to the future, where the economys in recovery mode, and theyre looking at, what, 7 trillion worth of stimulus. That always goes down well on wall street. As we said, the dow up 280. The s p up 33. The nasdaq up 87. Lot of green despite the terrible numbers. Obviously, this is a big day for your money. Its