On this note, to scott wapner and the half. Thanks so much. Welcome to the Halftime Report. Im scott wapner. We begin with stocks moving higher this hour on pace for their best day in more than a month. This as earnings season begins hot and heavy tomorrow. Can the rally continue . Well ask that question today to one of wall streets legendary investors, leeon cooperman. Also with us lets begin with a big day on wall street and welcome in lee from florida. Welcome back. Nice to see you again. Nice to be with you. Thank you for having me. You bet. You were with us some three months ago and you said you werent sure if we were in the seventh or ninth inning of the bull market. Do you have better clarity on that today . No. I would say were not in the early innings. But the conditions that could bring significant market decline are not present. Bear market rs associated with the stock market sensing a recession hitting all the Economic Data looks fine. Chinas getting stronger, u. S. Economi
Jab holdings buying panera bread more than 7 billion. I hope you brought your appetite because power lunch starts right now. Thank you, melissa, and thanks to a big jobs number we have a nice little rally on our hands. The dow posting its biggest oneday gain since early march. The last time i checked just moments ago there was only one dow stock lower. That was Cisco Systems and it was barely down. Oil and energy a big driver as well. Crude may be off its highs of the day but it is still back about 51 a barrel. Banks and technology also big winners. One notable loser, though, valiant pharmaceuticals, now trading in the Single Digits down 97 from its highs of two years ago. More now on todays market action, bob pisani live on the floor of the nyse where the good continue to roll. Bob . Reporter and this is good times. This is a broad wrally, brian. 29 of 30 dow stocks on the upside. Ill show you how broad it is. Put up five of the big dow movers. You have Consumer Discretionary group, m
Josh brown. Hey, scott, how are you . Are there opportunities elsewhere . Is it undeniable at this point . Its undeniable and people running money are starting to wake up to this and the benefits are showing up in their po portfolios for the first time. The first time on valuation, a cyclically adjusted pe for the United States is now 30. Weve almost never been this high. Forward returns are not what they were when we were at 17, 18, 19. Developed europe, cape is 17 so about half. Emerging markets is 15. The second thing i want to say, i believe in mean reversion. The data proves that mean reversion between Asset Classes is a very, very good way to diversify and a good thing to bet on. Over the last ten years, the s p 500 is up 101 . If you take a look at efo, which is global developed, its up about 7 and vgk is flat. 0 return over ten years. If you think that whats just gone on in the last ten years will be the story of the next ten years, you will be proven wrong. There was a convers
Yesterday . What did you think . Weird, right . What you are talking about . Went all the way up. Yesterdays session . Yeah. What happened midday that knocked that off . They thought it was the ap story about trumps tax plans, how theyll scrap it and start all over again. I dont know. During the day, the guy in north korea said were this close to nuclear oblivion, the markets just tread water. But then the tax plan. Syria saying, yeah, russia said one more move, were at war. And then the futures didnt move. But then they said something about the tax plan, could be a week late, the markets moved. Thats very telling. How do you price it in . You can kind of when the world ends, it doesnt matter might as well trade until it does. Flight to safety. Im in safety. It doesnt matter. Even oil, with everything happen. When music is playing, you have to dance. Quick heck on whats going chec in europe and then oil. The dax down a bit. Cac, we will call that flat. Virtually unch. It is unch unch.
Yesterday was 2500 executives from Regional Banks in orlando. I was a keynote at their conference and i love to do these things because you learn so much going out, start with a brake light of chardonnay, move to caber nay for dinner, and heres what i learned. This assumption that were going to get this regulatory relief, turn that switch and get instant earnings acceleration, is completely wrong. Heres why. They spent 1 billion as a collective implementing all the regulations into their systems, their logistics, their software, the compliance, the reporting, it took them three years to do it. And i said, you must be really excited about this change that could be coming. And they said, you must be kidding. Were going to have to unwind this whole thing. You will not see cash flow relief. Youll see a bigger spend on our income statements as we unwind all this stuff so dont kpt any good news. By the way, loan volumes over the First Quarter, flat. These guys are supposedly going to give us