It may be a small street but Billionaires Row. Where is it . You have to stick around to find out as power lunch starts right now. Welcome to power lunch. Im tyler mathisen. As brian said another big rally on wall street, the nasdaq topping 6,000 as you see right there. The first time in his are try. What got it there. Well give you the 13 names in the nasdaq hitting new record highs facebook, alphabet, microsoft among them. And another triple digit rally for the dow. If it holds this would be the first backtoback 200point day, days, i should say, gains for the dow since the election. Another notable stat the were only two days into this week but the current weekly gains for the dow and the s p 500 are the best to make them the best of 2017 if they hold. Almost 17 names hitting new 52week highs, best buy, expedia, lowes, home depot. Were all over this big bull run. And Bertha Coombs at the nasdaq. First, though, to bob pisani on the nyse floor. Reporter this is unusual trading, tyler,
Junkfood is a human rights concern. The representative on the right to food says the rise of industrial Food Production along with trade liberalization has let large corporations flood the Global Market with cheap, poor foods. The process forces poor people to choose between economic viability and nutrition. Effectively violating their right to adequate food supplies. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. This is bloomberg. We are 30 minutes from the close of trading here in the u. S. , life from bloombergs headquarters in new york. U. S. Stocks with commissioner shares leading losses. Is the question markets around the world has loan to a crawl. For . Are investors waiting about one hour we will get an update on apple and whether sales of its newest phone will help and its earnings recession. ,nd after unsuccessful test twitter can be slowing down its workforce. All this ahead of its Earnings Report on thursday. Was a clos
Are strarting to show signs of cracks. The materials, the financials. Some groups that had run a lot. I still like the financials. I still like the financials. I think the materials, yeah, they are way out in front of themselves. That doesnt mean that that means its the end. Maybe they pause for a while. You can see it happening in the steel stocks, for instance. Today there was also a down grade out there. If you look at the financials, the financials have been absolutely on fire, and ill tell you, the other thing is we talk about and we focus all the time on volatility, right . I talk about volatility. Here we are back underneath 13. Were in an extremely low volatility in terms of the measurement of the s p. Look at the ovx. Look at oil volatility. It went from 33 to 55 in a short period of time. One month. That just gives you a little idea how much volatility you have in that energy space right now, and obviously with opec in front of us, thats part of it. Theres been a lot of this
European banks. This morning, things are shaking some of those concerns just a little bit. The dax is up. 75 . The cac in france up. 30 . The ftse is flat. Crude oil picked up. Pushed back above 40 yesterday towards the later half of the session and that did help stock prices. This morning, wti giving back about. 25. 40. 60 is like a c minus. Every time it fulls below 40 m people think ha is going on. We did get numbers on gasoline drawdowns. That helped some of the oil prices. Maybe the demand picture not as weak as people have been concerned. Well talk oil over the next three hours. Good morning, everybody. Also on your agenda today, bank of England Holding the policy meeting. Due out in about an hours time. The bank of england is expected to cut rates and could also launch a new round of quantitative easing so we could get some action around the boe coming up. In the meantime weekly jobless claims out. They are expected to hold right around 265,000. Then at 10 00 a. M. Eastern look
One last point, what does donald trump think about all of this . Hes on the show in this hour. Varney company is it be to begin. All right everybody im going to give you a chain of events that produced what is going to be a big selloff a half hour from now. Governments in europe and japan started keeping some of the money that you lent to them. Give them 100 and you get the 99 back that is bad. Banks not make money with this going on. Down go bank stocks way down. Thats bad. But price of oil crashes to a new low. Stocks take another hit. Independent Oil Companies are insolvent that is bad. Worldwide financial turmoil yes theres a flight to safety. That is what is going on. Heres market watcher jeff seeker. All right jeff, heres the question everybody ising can ask this. Is this a repeat of 2008 . I think theres a lot of similarities. I think theres things about market that concern me more than 2008. Primarily because this is a market that has been built on this sense of desperation tha