we have three co-equal branches of government, co-equal. our president is not above the law. justice serves the people. it doesn't protect the powerful. justice is blind what we saw yesterday in plain view was another violation of the fundamental tenet of this nation not only did we see the failure to protect one of the throw branches of our government, we also saw a clear failure to carry out equal justice. as we used to say in the senate, excuse a point of personal privilege. a little over an hour and a half after the chaos started, i got a text from my granddaughter, finnigan biden, a senior inher last semester at the university of pennsylvania. she sent me a photo of military people in full military gear, scores of them lining the steps of the lincoln memorial because of protests by black lives matter she said, pop, this isn't fair no one can tell me that if it been a group of black lives matter froprotesting yesterday, they wouldn't have been treated very, very differently than the mob of thugs that stormed the capitol. we all know that's true, and it is unacceptable, totally unacceptable the american people saw it plain view and i hope is sensitized them on what we have to do not many people know when justice garland and i were talking about, i think he raised it, the reason for the justice department forming in the first place. it was back in 1870. we didn't have a justice department before that it was formed in 1870 to enforce the civil rights amendment that grew out of the civil war. the 13th, 14th and 15th amendments, to stand up to the klan, to stand up to racism, to take on delaware terrorism this original spirit must again guide and animate its work as we stand here today, we do so in the wake of yesterday's events, events that could not have more vividly demonstrated some of the most important work we have do in this nation, committing ourselves to the rule of law in this nation, invigorating our institutions carrying equal justice under the law in america there's no more important place for us to do this work than the department of justice. it has been so politicized there's no more important people to carry out this work than the people i'm announcing today. more than anything we need to restore the honor, the integr y integrity, the independence of the department of justice in this nation that's opinion beenl damaged and so many leaders have so testified and stated that i want to be clear to those who lead this department who you will serve you won't work for me. you are not the president's or the vice president's lawyer. your loyalty is not to me. it's to the law, the constitution, the people of this nation to guarantee justice. for attorney general of the united states, i nominate a man of impeccable integrity, judge merrick garland, one of the most respected jurists of our time, brilliant yet humble, distinguished yet modest, full of character and decency the supreme court clerk served in the justice department during the carter, bush '41 and clinton administrations where he embraced the department's core values of independence and integrity. a federal prosecutor who took on terrorism and corruption and violent crime, always with the utmost professionalism and the duty to the oath he swore. nominated by president clinton to be a judge on the d.c. circuit court of appeals, considered the second most powerful court in america. throughout such a long and distinguished career, he's earned the praise of the bench and bar and politicians of both parties. and despite his busy schedule and prestigious positions, he still makes time to volunteer regularly, tutoring students in northeast d.c. as he's done for 20 years it's about character it's about character it was no surprise why president obama nominated him, judge garland, to the spoupreme court he embodies honor, integrity, fidelity to the rule of judicial law and judicial independence. to those same traits he will now bring as attorney general of the united states, not as a personal attorney to the president but as the people's lawyer. he'll restore trust in the rule of law and equal justice under the law, and i fully expect the discussions i have that he will receive a fair hearing and a swift confirmation once he confirmed i'll move swiftly to replace his position. for depp testify attorney general i nominate one of the most self-less people i've people i've had worked with, i've worked with her in the last administration, a 15 year veteran of the injured, lisa monica she's a definition of what a public servant should be, decent, trusted, honorable and i might add i embarrassed her a moment ago with her other colleagues, and selfless i offered her other positions of a greater consequence, quote unquote, more prestige but she wanted to work with you, judge. she wanted to go back to the justice department a top flight prosecutor who took on public corruption, corporate fraud and violent crime. chief of staff for the director of the fbi the first woman ever confirmed as assistant attorney general for national security, where she elevated cyber security to a top priority and where it's even more consequential today than it was then and at the white house she was a top homeland security and counterterrorism adviser to president obama and me in every one of the national security meetings she coordinated our fight against al qaeda in iceland. she helped lead our response to the ebola crisis when the bombs went off at the finish line on patriots day in boston, her hometown, she coordinated the federal government's response with local and state law enforcement to get to the bottom of the horrible tragedy. lisa, i know, i know you will help restore integrity and independence to the department of justice that you so revere. as associate attorney general, the number three job at the department i nominate anita gupta, a woman i've known for some time, one of the most respected civil rights lawyers in america started her career at the naacp legal defense fund then on to the aclu. both organizations to which i belong and then to the justice department during the obama/biden administration, where she led the civil rights division at every step, with every case, she fought for greater equity and the right to right the wrongs of a justice system where they existed and she's done so by bringing people together, earning praise from across the ideological spectrum for her approach to solving some of the thorniest problems we faced. during the obama/biden administration, she was put in charge of investigating police departments in ferguson, missouri and other communities torn apart by acts of violence and racial injustice she helped institute common sense police reforms to build greater equity, safety and trust. she was commended for her work by both law enforcement and those advocating for changes in the criminal justice system. that's a rare achievement. and it speaks volumes about her capacity to unite people in common purpose, which is what this is all about. uniting the american people. born in philadelphia, a proud daughter of immigrants from india -- that sound familiar if confirmed, anita will be the first woman of color to serve as associate attorney general, and i'm grateful, i'm grateful that anita is leaving her current job, as she answers the call to ensure once again that our justice system is even more fair and more equitable for assistant attorney general for civil rights, i nominate kristen clark, who has spent her career advocating for greater equality and equity in our justice system the daughter of jamaican immigrants now, don't think this has been designed here. [ laughter ] i'm still looking for an irishman all kidding aside. daughter of jamaican immigrants, she's one of the distinguished, she began her career, her legal career in the very same office she's now nominated to lead. her previous tenure with the justice department saw her take on some of the most complex civil rights cases from voting rights to redistricting challenges to prosecuting hate crimes and human trafficking she's earned accolades throughout her career, including as the head of the civil rights bureau for her home state of new york, where she's led the charge to end the school-to-prison pipeline and root out discrimination in housing and in law enforcement. she currently leads one of the nation's top civil rights organizations, where she promotes greater equity in voting rights, in our education system, in our housing system, in our justice system and so much more. now she'll return full circling to pursue the vital work where her career began the civil rights division represents the moral center of the department of justice and the heart of that fundamental american ideal that we're all created equal and all deserve to be treated equally i'm honored you accepted the call to return to make real the promise for all americans. to each of you, i thank you for your service and to your families and to the american people, this is a team that will restore your trust and faith in our institutio institutions' democracy. i chaired the judiciary committee for many years one of my goals in running in the first place, you may recall, i said when i saw those people coming out of the fields in charlottesville shouting hate, a young woman killed when asked the president said there were good people on both sides. that's literally why i ran there's no more important and hea heartfelt effort on my part than restoring independence and integrity of our justice department so may god bless you all, may god protect our troops and those who have swore to protect the american people. now i will turn it over to the team, starting with the next attorney general of the united states, judge merrick garland. >> that's president-elect joe biden in a speech dekraaiicryine violence yesterday and he made an announcement of who his own cabinet will be. and nancy pelosi is supporting chuck schumer in calling for the president's removal via the 25th amendment. let's bring in kayla tausche who has more on the headlines. >> kelly, the president-elect was unveiling his new team at the department of justice on a fitting day for the pursuit of justice. president-elect biden saying that unlike his predecessor, who he accused of tapping my judges and my attorney general in attempting to co-opt the judiciary system for his own personal gain, the president-elect said that this team will be serving the constitution and the united states of america and biden saying in a forceful repudiation of the president's approach to the department of justice, no president is above the law but he did stop short of what his democratic colleagues and leadership on capitol hill have been calling for at the very same time with, as you mentioned, the soon to be majority leader chuck schumer calling for the immediate removal of the president from office and also called for by nancy pelosi and he did stop short even as he did come out swinging against president donald trump in his role of the actions we saw yesterday. kelly? >> kayla, thank you very much, recapping what we just heard from the president tyler. >> i have a question here. there's been talk on the one hand of invoking the 25th amendment, which has a variety of procedures associated with it the timeline certainly under normal circumstances would not fit in neatly to a two-week period that remains in his term. the other idea was to go back to impeachment. we know how long that can take what about the idea of some republican leaders going to the white house, as was the case led by barry goldwater as i recall in 1974 and approaching the president as they did then with president nixon and saying it is time to go >> well, tyler, it's unclear that there is enough of a brain trust who shares that exact emotion willing to deliver such a message of uniformity and uniform disdain for those actions. at this point we've seen throughout the trump administration one of the hallmarks is this marketplace of ideas, these various warring factions within the administration and even in my reporting about the discussions around the possibility of invoking the 25th amendment that have been happening for the last 24 hours, there was not agreement, even among staff, about how to proceed here and one of the rationals that keeps coming up is a desire or perhaps a lack of a desire for president donald trump to be seen by his supporters in the wake of yesterday as a sort of political hero or martyr if he is forced out of office. so certainly there is some calculation of what would happen in either of these scenarios and whether, in fact, he might accrue some political benefit among his supporters if one of those avenues was chosen to go down >> kayla, thank you very much, who has been on this for the last 24 hours almost constantly, thank you very joining us is larry sabato we have known each other for nearly 45 years. i don't think we ever would have expected a day like we saw yesterday. >> no. i might have expected it during the death throws of the nixon administration, but it didn't happen that's really important to remember and nixon was actually being sent packing he was going to be impeached and convicted. you just mentioned the barry goldwater meeting with him in the white house. it's interesting that apparently there are no senators like barry goldwater anymore. they mainly are afraid of donald trump. they have been profiles in cowa cowardice for the last four years so it's not surprising they're not following goldwater's path it's still absolutely shocking. >> they are afraid of the president or of alienating his supporters who make up some 40% or so, apparently, of the american voting area has democracy been permanently scarred in this country? >> well, i never use the word permanently because permanently, i hope, is a long, long time, barring an asteroid. i would like to think that we'll be able to repair the damage, but it isn't going to be easy and there was significant damage and i'll tell you what the immediate effect is. it's certainly domestic in part but in foreign policy, around the world, i don't think you're going to see the united states preaching about our great democratic small d system very much at least for the next few years. the sheen is off the shining city on the hill, to use the phrase that ronald reagan liked to use it's a tragedy it's sad to see what america's reputation has become because it's been shredded by this president. >> i think a lot of people use the phrase exceptionalism. america didn't seem -- >> it certainly doesn't. i hold to people that if you put the wrong person in office -- i'm not saying party -- the wrong person in office with deep defects in character, this is what you're likely to get sooner or later >> let's look to the future and -- and look not -- it's too trite and cliche to say silver linings, but what are the opportunities here now for the incoming president, joe biden, to help the country heal, to work with the members of a senate where he spent most of his career what are the opportunities that we have now and how do we grasp them to move forward and beyond this very dark event >> tyler, there are many it would take your whole show and i don't want to do that. so i'm going to mention one because i'm old and i remember specifically what happened when nixon resigned and ford took over gerald ford was relatively unknown, he had only been vice president for a few months when he became president. his popularity rocketed to 77% and you know why it's because he wasn't richard nixon. because he got up early and made his own english muffins. because he went to the door of his home in alexandria in his bathrobe and picked up the newspaper himself. he wasn't the imperial presidency joe biden is an average joe in a sense in some ways very accomplished but also an average joe. i think there will be something of that reaction, a general relief that trump is gone. it won't be as pronounced as it was in ford's day because we're too polarized. we're deeply polarized but over time we can reduce that polarization and honestly by pro provenance maybe jooid joe biden is the right person to do that. >> let's talk about social media and its responsibility, if any, for where we find ourselves politically. i'm not deeply involved. i have an instagram account but i just post food pictures, you are know i don't engage in commentary there. and i don't in part because i find a lot of social media a cesspool for untruth and anger how do we deal with social media and its role in our politics >> well, first, tyler, for many, many years you've been excellent at food so i wouldn't criticize yourself on that score i've wondered myself, i spend entire li entirely too much time on twitter. it's adi addictive i don't recommend it to everybody. they absolutely have some form of responsibility. they're trying to reform in some ways but it's minimal compared to what it should be >> larry sabato, university of virginia kelly. >> we should welcome, by the way, welcome to "power lunch," everybody. facebook blocking president donald trump's facebook and instagram accounts for at least two weeks following the chaos on capitol hill the problem these days with social media giants and what they face, they're probably greater than the president's accounts here's what acebook's shachamat palihapitiya had to say about it last hour. >> they are amplifying the bottomizati bottomization of people so they cannot learn what's really happening. >> i'm joined by steve cokovack and joanna stern social media is a place for people to air their grievance and frustration with the main stream media or you name it. are those grievances going to be channelled elsewhere or are they somehow going to go away >> i don't think they're going to be channelled elsewhere we've seen so many attempts for people be a place for -- parlor, gab. they never work out. that's because these platforms have gotten so large, there's nowhere else to go right now it almost feels like we're lost because we're not seeing president tweet about anything happening and that's been the way he directly communicates with people what really struck he was for years we've been wondering what is the moment this fire alarm that they're going to pull, that finally triggers them to suspend his account and keep him from posting? it wasn't nuclear war, it wasn't threats of violence against the george floyd protesters. it was people storming the c capit capitol. we saw real world implications of his actions and statements on twitter and on facebook. that's why they had to pull the plug on him. >> joanna, do you think the fact that twitter shares are selling off more than 3% today is related to this issue, that the president was a big driver of traffic and engagement >> i think so. i mean, i think there's going to be a real question of what kind of growth or what kind of community did trump really have on twitter, what kind of growth did that drive for the company you really look at twitter and i've said this over the years, his super power on twitter isn't necessarily using twitter to engage, it's to get the message out there. it's as the mega phone and then getting that out and then the media and others amplifying that trump not being on twitter, is it going to change twitter, sure is it going to change it as a company, no. it really was just his mega phone. i don't want to diminish his role but i don't know if it really could damage the company in such a severe way if he's not there. >> steve, what about the issue that chamath raised about section 230 and the way that companies are able to or choose to police content? >> yeah, and i largely agree with what chamath said these companies have not realized they are a publisher. just like you and i, we have a responsibility to tell the truth to our audiences they have the responsibility with so many people turning to these platforms for news and information to make sure the news and was in they get in front of them is true and accurate and they just failed at that and so many of these themes, these conspiracies promoted by the president start on the dark corners of the internet and kind of filter up from the dark corners to twitter to reddit and facebook and before you know it, the main stream media sees it and that's where the president sees it and it becomes this positive feedback loop that people feed on people believed it enough, they believed the election was stolen enough because they have this pumped in front of them constantly that without any indication from twitter or facebook that it's false, we saw what happened yesterday. >> and i think what we saw yesterday was the failure of the -- >> agreed. >> yesterday we saw the failure of the other tools, the guardrails that twitter and facebook have been putting in place, the policies, these little labels that have been on things, what do they read, these results, election results have been disputed. these small things which weren't doing enough, which weren't blocking enough. so yesterday's actions really show the companies don't have their hands tied behind their back they don't just have to abide by small policies they do have some power here to really restrict what's published. >> oh, they have a lot of power. they can set their terms of service to be whatever they want that's what section 230 allows whether it's a knitting web site that bans comments about the president or you name it, they have very wide latitude. the issue is if they feel they need to be more stringent or whatever, they can absolutely do it no one says they can't there doesn't seem to be a need for lawmakers to codify what they can or can't do since it's pretty idiosyncratic, which has nothing to do with how it might apply to a site like yelp. >> facebook is much bigger they have more anti-trust eyes on them than other companies they've been more reserved, had their hands tied behind their backs a little bit, mostly from public opinion we've seen that the tide has changed and we have to address the fact that there's only two weeks left and they know who is coming next to power and the decision is easier to make right now. there was lots of reasons to make the decision yesterday. that's got to play into it we know who the next president is going to be >> that's a great point. we'll leave it there, guys thanks to joe and youanna sterne kovack >> the dow and s&p all at record highs with tech leading the way. we will have more on that. plus bitcoin, oh my gosh, going wild hitting 40,000 before sharp live retreating in just 30 minutes. what's driving the action there? we'll tell up next on "power lunch" after this quick break. closing the books on 2020 payrolls where could covid vaccine continues to impact the workforce? welcome back to "power lunch. despite all the chaos in dchl.c, new highs in stocks again today. up 225 right now let's go to bob pisani for more. a session in which we've seen a number of headlines, the russell 2000 is popping, the nasdaq having its best day in about two years. >> i'm seeing a lot of new highs today. first the banks, not a lot of the big money center but we do see goldman sachs, morgan stanley, captain one, pnc financial. it's really moving cyclicals like industrials and materials caterpillar deere, eaton corporation and that's helping the infrastructure, the material place, martin marietta, nucor, freeport-mcmoran, new highs on them as well not a lot of tech new highs but most of it is in semiconductors. mega cap techs, no new highs there but all those highs. overall the big story, i call it the bucket story it's stimulus and the vaccine versus virus and the taxes that's the key story here. the stimulus is about more checks and infrastructure, local government and the vaccine versus the virus is going to be the key story determining the pace of the economic recovery. that big wild card is still taxes. we'll talk a lot more about that tomorrow about the implications for higher capital gains tyler, back to you >> robert, thank you very much the u.s. ten-year treasury yield back above 1%. it happened yesterday and it is there now. first time since march for where it heads next and what investors should buy with rates rising, here's your "trading nation" team today, matt and nancy. it doesn't matter which name comes first, does it really, nancy? >> i don't think so, tyler >> we're okay there. so the ten-year yield, i guess unpredictably, it ain't exactly bitcoin but to see it back above 1% is surprising, isn't it, nancy? why is it doing that >> well, i think what investors are starting to see is that we may get a rebust reopening with the vaccine. so there's pressure on the long end for rates to rise. we actually think that with the u.s. dollar weakening and the first of demand we will get on reopening that we may see cyclical inflation this year, which will continue to keep pressure on the long end and the fed will keep the short rates low until they hit their inflation target or change their mind we believe from here bonds are riskier than stocks. we've been putting our money in traditional banks. finally warmed up to the banks a few months ago converts and preferred and then risks on equitieequities during periods of -- the five previous periods of rising inflation, the top performing sector technology and it was double the next best performing sector, which was energy >> just a quick answer here, nancy. you did answer the question i was going to ask next and that was what does this imply for where you are put your money and you said banks and cyclicals and so forth does rising pose any risk? >> depends on how fast the answer is no until the fed changes its mind on the short rate and then i'll have to recalibrate. >> you think this will continue to be bullish morning financial stocks, among others usually higher interest rates are what end bull markets but i don't think you see that >> no, well, it's funny but it could cause a correction but i don't know if that's going to be a cause of a correction because there's other reasons, some of the froth in the market. but we get a correction every single year in the stock market. it's normal and healthy. but this move above 1%, it has moved, you know, the interest rates made a nice base over the summer it's now broken above its trend line going back to the late 2018 and made a higher high and when you get that kind of a breakout, it usually is a fairly significant one. i can see it retracing at least half of that two-year move and getting up to 1.8% by the end of the year that might scare a few people by the end of the year. overall i've been negative or cautious on the banks for two years. for the most part, it's a very bullish sign remember, when the economy is doing better, the market is better a lot of people say, gee, higher oil prices is bad for airlines that's not the case. they usually both go up in tandem interest rates and the stock market can go up in tandem swell. >> relatively low interest rates, not moving fast, a little bit of inflation that's usually a pretty good recipe for stocks. matt maley, thank you very much. nancy of tengler and laffler or laffler and tengler, which ever it is, thank you kelly, back to you >> we'll continue to discussion the seizure of capitol hill yesterday. we'll speak with former new orleans mayor marc morial and david rosenberg about some of the longer-term implications and now a word from our sponsor. >> many traders like to watch technical patterns and one of the most popular one is the golden cross where the 3550-day moving average moves up through the 200 day moving average it c bane an effective entry spot for an stimulus check or etf in an up trend i'm randy frederick. some see a grilled cheese sandwich and ask, "why?" i see a new kitchen with a grill and ask, "why not?" i really need to start adding "less to cart" and "more to savings." sitting on this couch so long made me want to make some changes... starting with this couch. yeah, i need a house with a different view. and this is the bank that will help you do it all. because at u.s. bank, our people are dedicated to turning your new inspiration into your next pursuit. see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. welcome back to "power lunch" everybody nasdaq leading up 2.4%, stocks and discretionary stocks are leading the way. we want to turn back to the broader economy and the impact this week's unrest could have longer term. steve? >> the business roundtable becoming one of the lobby groups to condemn yesterday's violence, placing the blame squarely at the feet of the president and his supporters' statement said inexcusable violence and $ chaos at the capitol makes is not only reprehensible but a danger to our society and our economy. they've spoken out with what seems genuine concern and an eye toward their own reputation. the usually conservative national manufacturers association called for vice president pence to consider invoking the 25th amendment to remove president donald trump from office. former imf chief economist told me there are global and domestic implications the world, he says, looks to the united states as a beacon of democracy, which in itself is a reason to trust its markets and have faith that the rule of law will be respected. what is happening today -- that was yesterday by the way -- weakens that trust and undermines the fight against authoritarians and the world almost 30 years ago as a reporter i watched the storming of the russian white house a big question in post-soviet russia was the importance of democracy and i thought i'd never be reporting that story here in the u.s. i guess i was yesterday. >> pictures reminiscent of that and reminiscent of greece in 2011 with crowds in front of the street in the parliament building there it was something we never expected to see here for more on the fallouts on the riots on capitol hill and the path ahead, let's chat with mark morial, ceo of the urban league. there was a lot of anger and rage in that crowd yesterday, a lot of sense of disenfranchisement among those individuals who marched from downtown up to capitol hill. how much that much do you think is in any sense a reaction to the idea that congress failed to bring forth a stimulus bill of the size americans want? >> i feel it had very little to do with that that may have been sort of an added incentive for anger. what i see as an organized political act, something that channelled some outrage and disappointment at losing the election but was organized, the permit for the rally, was held by the names of rudy giuliani, roger stone, diamond and silk, all well-known trump operatives. they had a hand in organizing what took place. without the impulse, the support and the organization and the drum beating and the compulsion of political leaders like president donald trump and his allies, these individuals would not have come to washington d.c., would not have chosen to go beyond the bright line of exercising dissent into violence and insurrection i heard from many people who, quote unquote, represented the trump faction that we've never had it better, the economy is as great as ever. then you hear a litany of grievances, that we feel disenfranchised. this is really about losing an election fair and square and i think trying to posit a story of fraud, a puck shfiction of the o being stolen the american people have to see what it is we respect and i will always defend the right of people to speak and to exercise dissent, but the idea that it could descend into violence, that you would storm the capitol, you could break windows, you could destroy property andultimately four people are dead goes beyond what a democracy should tolerate, goes beyond what a country based on the rule of law should in fact sanction. so those who did this have to be brought to justice >> how do we heal, mayor morial? >> we have to heal, ty, we can't heal unless we purge the cancer of hate and intolerance from the american soul. we can't have what i call a fictional or superficial unity that doesn't strike at the heart. we've got to have a consensus around values, opportunity, equity, tolerance an aggressively objected to many of the policies of donald trump never even considered that we would storm the capitol, that despite the outrage, despite many years of injustice, that we would go beyond the rules of engagement in order to express our point of view. this healing that has to take place has to recognize the need to the vestages of hatred and intolerance in the american soul, be it intolerance for dissenting political points of views. that is what is so essential it is foundational to let's find some common ground in the country. now, what we can say is let's vigorously debate, let's aggressively assert what we believe. >> uh-huh. >> but let's recognize some fundamental rules of engagement. let's -- let's embrace some common values. america is a nation based on a set of values. equal opportunity. >> right. >> justice, and fairness that's the definition of free. >> yeah, the rules of engagement -- >> ability -- go ahead. >> the rules of -- we have to leave it here, mayor, i'm sorry to say but the rules of engagement, the rules of civil discourse, the rules of political behavior seem to have been in decline for some time. >> yeah. >> for many, many reasons. i am not pointing fingers at any particular individual or group of individuals it just seems to be that way mayor, we will continue this conversation -- >> let me just say one more thing. >> please. >> elected leaders have a responsibility to lead by example. >> correct. >> i think that's what's so important to leadership. you have to role model the behavior and conduct >> absolutely true just to make the point one more time before we go. i don't want to point fingers at any one individual, but i will say this -- behaviors, whether they are rhetorical or they are things like tearing up the state of the union address on the podium in the house of representatives -- that is poor political behavior i'll leave it there. mayor, thank you kelly? >> tyler, stocks are building on yesterday's gains with everything going on that you just discussed the nasdaq is leading the way this time. it actually closed lower yesterday. but it is higher by 2.4% big tech is making an impact on the dow. apple, microsoft, and salesforce among the big gainers. what is driving these gains? can they continue with apple up 3% "power lunch" we'll be right back save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. nationwide 5g is now included. switch and save hundreds. xfinity mobile. welcome back all three major averages are hitting record highs again today. the nasdaq is the big winner, up 2.4% our next guest says it is all about stimulus and that the blue wave might be more bullish than investors originally thought joining us now is david rosenberg, president of rosenberg research it is good to have you back. do you seriously think we are going to have $2 trillion worth of stimulus coming down the pipe now? >> i think it is probably going to come fairly soon. we know that because when we got the $00 billion that was already passed, joe biden said, well, that's a down payment. when he said it, mitch mcconnell was head of the senate, not chuck schumer. i would say that the odds that we get something very big, close to what the democrats wanted initially is probably going to come very quickly. that's exactly, exactly the kind of stimulus, kelly, this market thrives on monetary and fiscal policy stimulus. that's what this is all about. that's why investors can look through the horrific events yesterday on capitol hill. it is all about stimulus you are asking whether we will get it or no i am assuming we will. but the market have already priced that in >> that's extraordinary. if we don't get it, then it is doing to leave a $2 trillion hole in expectations let's turn this into gdp terms if i am reading correctly. do you think this means we go from there is a or zero gdp growth to upwards of 7%? >> right well, without any stimulus at all -- that's i didn't want to go back and say, you nknow -- look, the training wheels are still on the bicycle if didn't get any stimulus at all, nothing got passed i would say that first quarter gdp would be negative. with the stimulus already coming in we would be 3% plus that's with the stimulus already in with the extra dosage, which is what the democrats want and now they are running the show -- i am not so sure it is a blue wave but they do have more control than we thought they did just a few days ago that all of a sudden, first quarter growth could easily be 7% given that amount of stimulus that will come into the pike. >> how much is too much, dave? we are seeing the ten-year back up inflation expectations above 2%. the feds starting to talk about a taper. or is this the way the fiscal side pushes them to start shrinking the beat and normalizing? >> the taper is very much conditional. i think what takes place earliest late this year under the proviso that we really get sustained acceleration in growth we have to will be at where we are right now. i mean we will get a fresh employment number tomorrow the unemployment rate is 6.7%. but you know, when you are taking a look at the percentage of the labor force that's unemployed and underemployed, i mean you have one in eight americans right now that fit that category. there is still a tremendous amount of excess supply in the product market in the labor market the inflation people are talking about is primarily because the dollar has been weak and you have had the commodity bounce back but you are not going to get inflation without wages. it is not going to happen. i think that's very much conditional. the fed is getting ahead of it right now, talking about it. i don't think it is going to happen until we get really sustainable strong growth. that's an if. >> it is already on the table this early why the year. thank you. the markets are decidedly higher at this hour. thanks for watching "power lunch. "closing bell" starts now. >> it certainly does thank you tyler and kelly. well to "closing bell. i'm wilfred frost along with sara eisen stocks climbing despite high tensions in washington following yesterday's riot on capitol hill nasdaq leading the gains today climbing up above 13,000 for the first time ever. what's driving the action? congress officially confirming joe biden as the next president of the united states early this morning in a session delayed by a mob breaching the u.s. capitol. on the economic front,

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