And nasdaq at record highs as well. Financial itself, health care the best performing sectors. So which stocks back at record highs . And trump focusing on his progrowth agenda. Is this the trump rally restart . And if so, where do you put fresh main i money to work here and now. . I dont think it ever left. The market has been rallying for eight years. We can argue for why it hams. Where do you put fresh money to work . Thats the question. My answer is the following. Financials have been horrible for a month, monthandahalf and i have been wrong. But xlf against 23 is worth riskreward on the long side. Ibb very quietly had a big day above 290 again. Biotech has an ability to break out. I think your point is well taken. Steve, if the rally had stalled, taken a breather, taken a pause, over you want to characterize it, especially buying into the close has people asking, is the rally about to restart . I do think the rally is about restart. Today we have the first day of the month. I thin
Name . Well tell you which one. The action begins right now. That doubles every day, particularly bad. Biotech stocks posted their best in more than a month. The biotech, the ibb rallying more than 3 this week. It comes as the group lacked to the broader nasdaq 100. So is biotech finally playing catch up to the market . Should you buy in . Yeah, well, i definitely think so. Look, we did see some bullish activity in the biotech etf earlier this week. Looking for a 15 gain in there. Probably by about september. There are a lot of reasons why you might think there is room for a rally. For one thing, some of the political headwinds that were the talk of the town. We havent we heard as much lately. These are actually kind of rare these days, cheap stocks, if you look at them on a trailing earnings basis, a lot are trading barely in the double digits. If you look at an area that has seen consistent revenue and earnings growth, this is one of the places to look. Its a good weekend to talk abo
Melissa on fast money. The question is do you keep buying stocks while they are at record highs and how far can this epic rally really can . Some good questions. Lets get answers. Thank you for being here. Melissa, feel better. Please. To answer the question, yes, buy stocks now. The market is overbought and i probably would agree with that. But this feels as if it will continue to go higher. Every piece of bad news that i can think of thrown at this market and it shags it off. Goldman sachs all time high. Even health care name. You saw the bristol news earlier this afternoon. Thats back in play again. As long as the russell remains above 130. They are now both healthfully above, this rally is intact. When you think about whats going on, expectations for a fed, march rate like about 30 . Theyve gone up. The concept of a fed liking is a positive concept. Then throw the data around the world has been so much higher. The european highs, were at 69 highs on manufacturing in germany. Across
Explain. First we start off with a big onetwo byun punch that took stocks down, blame it on first the feds and Major Development on capitol hill. For more on that story, we go to john harwood. Mellissa, we had up with of those moments today when the markets suddenly recognized something that had been fairly obvious from political events here in walk for some time. It came when the House Speaker paul ryan said this. We will need more time to do tax reform. The house has a plan t. Senate doesnt quite have one yet. Theyre working on one. The white house nailed it down. Even the three entities arent on the same page yet on tax reform. Now, heres how we got to this point. Remember back in february when President Trump was just newly in office, and he said he was going to come out with a tax reform plan within a couple of weeks . Well, that never happened. Subsequently the house said, well, we dont think theyre going to use theyre not going to have their own plan. Were going to use our own p
Says its another liberal takeover at the white house. Later, Mark Zuckerberg taking the stage at the tech giants development conference, he addressed the tech killer for the first time. First we start off with a selloff on wall street. Check out the dow falling as much as 1 forepoints at the lows before recovering those losses ending the day down 113 points. In the sea of red, thanks to Goldman Sachs down 5 , continuing the pressure we have seen on the entire Financial Sector in the last month. So the decline in goldman today, it has given up nearly half of its gains from highs made just last month. The ten year getting its low since november. Slightly above that 2 level. Guy. I got to be consistent. Goldman sachs, karen as well, correctly so. I sort of got on board right after the election, goldman was mid1 80s and my argument was, you know, with all the trump agenda, all the rhetoric going on, people are waiting to see if it happens, they will get ahead of the stock. It traded well,