Gaining. It is time to admit that conventional wisdom has been wrong every step of the way. In this market, patience is not a virtue discipline cluster of fortune. Buying the most obvious stock, well, that has been a strategy that was easy i struggle about how this is possible i am not used to a mark that reward investors being late to the party. We found out moderna has a vaccine that may work better than pfizer. Thats getting off the table we got uncontrol spread over america. And mayors and governors refused to shutdown the bars and restaurants. Those are the main places we are getting infected no, it is at home, jim this pandemic is steam rolling us the prospect of a vaccine keeps on plotting it and shutting everything down. I am sure you are wondering, given the numbers that we see, how is that possible first every now and then there were moments that well stood on our head. Time like these is not sell. You must be willing to suspend judgment how far stocks can reasonably go. Than
At a record high for the dow the s p set a record high on friday up another 30 points and the nasdaq, an underperformer last week, is indicated up by close to 60 points stocks have been on a big run. If you look at last weeks returns the dow was up just over 4 last week the s p was up just over 2 . And the nasdaq was down only by half a percent you are talking about the third week out of four that is seeing negative returns and that has been the underperformer. Really across the board a lot of strength the russell 2000 hitting a record high last week and big, big moves. Remember, its only been a week since weve heard from pfizer. That set things off especially ones underperforming as people stay home. The ten year is yielding 0. 885 . Joe, that was a wild ride last week, too, watching what happened with treasury yields. Potentially getting up to 1 but now were back where we started. All part of, i guess, reopening. The market given the backdrop i will talk about right now the market is
Soaring today. Meg tirrell with details. The bar was very high for moderna after pfizers efficacy last week. Mad earn moderna met the 94 percent efficacy and will seek the fda emergency authorization in the coming weeks. We just talked to the doctor who has been leading the vaccine and Drug Development as part of operation warp speed about the significance of this moment, really seeing two vaccines in a row at this high level of efficacy heres what he said. Its an extraordinary outcome, frankly, to have two different vaccines tested in different conditions by two Different Companies developed independently yield very similar outcomes this gives a huge confidence into the data obtained and really suggests that the 90 percent and more efficacy is true and real. But of course, melissa, as were getting this extremely good news it comes at a time in the pandemic when weve never been seeing more daily cases, were seeing 140,000 a day on average right now. And were seeing more and more people
The year dow is set for a record close, approaching 30,000 with 59 minutes left of trade. Up 1 2 on the dow sara 29,830 currently. Coming up todays show, we are waiting president elect biden to make some comments on the economy. His economic plan that should come any minute. We will take you there live. In the meantime, a rare interview with operation warp speeds dr. Slaoui he will weigh in on the moderna news and what the rollout will look like. Plus the positive vaccine theus with mark moabious his eye on emerging markets. And mike wilson saying next year will be all about earnings we will discuss with Morgan Stanleys chief u. S. Equity specialist mike santoli joins us. Meg tirrell has the latest on covid19 news. Eamon javers will go over president elect biden speech on the economy when we get there. Lets start with mike santoli. We below on the s p 500 where we were this morning, by about a third of a percent below last monday mornings high about a third of a percent but looking at
The s p market barely budged but the stunner was the bond market, hitting its highest level since march. Chris called this on the show a couple weeks back. Where are we headed from here . I think we are headed with the yields going up still. What is important about this move, it is not a few days old it is a few months old the trend here is several months old. I think any shortterm pullback in bond yields, that would be an area to be a seller of bond. We think yield can go up from here if you look at the longer term chart, you have to focus on where yields bounce from in 2016 and where they broke down from in 2020. When you look at this move, i think 130, 140 is ultimate lit where this is likely to go thats where the key levels are. I think as bond yields have gone up, the yield has gone up. 80 basis points and i think Equity Leadership changes ri long with that the kre here is starting to break out, not just relative to s p but on its own right the technical is starting to improve her