A day. Yesterday that was a big head wind as the market did get up the s p just to the cusp of those old highs. We did it without the help of technology, of the big Growth Stocks everyone is talking about this rotation the nasdaq has had yet another of its fairly routine pullbacks so far it has bounced to maintain this up trend today yes, tesla helping it, but really it is the old favorites as well, just picking up the slack and the s p is right back to yesterdays afternoon highs before we had that shake out going into the close. Julia, david faber mentioning last hour the passing of Sumner Redstone, a legend in the content world. Coin that phrase content is king. Has a bit of feeling the end of an era, of course, he lived well into his 90s but what are your thoughts on what a figure like Sumner Redstone meant in his prime and who is defining this era right now. Well, certainly, jon. He was the ultimate media mobile of that raera. He was responsible for the consolidation of so much con
Up pressure. A big thing the marked is watching into the weekend, stimulus negotiations in washington they appear to be stalled with no breakthrough yet. But that could change. We have 59 minutes left of trade. We do sara, as i know you were equally with me on this, we also happy birthday wishes to closing bell and power legend bill grijive who shargri griffith who shares our birthday and mrs. Carl quintanilla. It goes on and on this great seventh of august. Popular day great day it is because of them, not us. Coming up on todays show, tensions ramp up between the u. S. And china, well speak with i ian bremmer and why a worldwide depression is coming plus, the weeks storm driven Power Outages have been a major headache for people working at home. But they gave a boost to a generator company. Well speak with the companys ceo in a few minutes lets focus on the big stories that were walking mike santoli is tracking a volatile market session. We have the latest developments on the stimulus
Going to have to deal with and maybe today were finding out. Is that what this is yeah, but ill tell you whats so interesting. There are very few people, i believe, who really thought that the rosy scenario was going to occur. I know we had that press conference this weekend that was a little disorganized, but the sudden recognition of a number that i think, unfortunately, a lot of people really kind of hoping wasnt going to happen is jarring the market but and i by the way, jeffrey gundlach, hes right this is one of the easier rollovers to predict but i want people to like look into their own brains and hearts and really, really answer, did you really think it was only going to be a couple thousand people did you really think that . When they finally announced that number, if that should cause the selloff, then youve got to rethink whether you want to be in stocks. Because i think that theyre just making up numbers, as dr. Fauci says hey, thats the input so dont sell on that. Sell bec
And to minimize those. How do you fix that . One way and one way only. Competent leadership. You dont permit that to happen. These are the things we said we are going to do. How are we doing that . How could you come to the conclusion isis is losing . It enjoys freedom of maneuver and can attack at will in a place of its choosing. If of force has that capability to do that and gets a manifestation of that, that force is winning. The leaders should say, what are you talking about . None of that makes any sense. This is what they are capable of. We have got this wrong, and how are we going to fix it . That is about competent leadership. I am jealous of my colleagues 13 minutes. You said something i wrote down that we should not just the spectators. Not just be spectators. You are going through the atrocities. We are spectators. Congress has been a spectator. Since august 8, we have been a spectator. Absent one vote we took to arm syrian moderates, there is no Evidence Congress is concern
And i think thats probably a good principle. But the issue is, that should not trump whats necessary to do given the fact that isis represents a new organization with new leadership, a new vision in terms of its global and regional strategy and that it is a barbaric organization committing genocide, assassination, enlavement and raping of women, as we all know and that it is fully intent on conducting a religious war based on their ideology. And we cannot let the Rearview Mirror of iraq and afghanistan so disincentivize us to deal with the reality of what this is. And im convinced that the American People, when we inform them and we educate them and we take them through this, i mean i dealt with the bush administration, they never truly explained what radical islam is and why its so dangerous. We never took apart the ideology. We never truly fashioned a strategy to deal with it in a comprehensive way and here we sit with the same problem today. I think thats a great point and something