New york, Edward Lawrence in washington. But jackie, we start with you. Reporter can we say party like it is 1999 . Fourth quarter 1999 is the last time we saw a quarter this good. That is positive given the fact weve been through so much this year because of the coronavirus pandemic. You can see the dow is up 17. 7 for the second quarter. S p 500 almost 20 . And the nasdaq composite, really the winner there, 30 for the second quarter. So we are watching those numbers as were processing what happened today, a 215 point gain on the Dow Jones Industrial average. Youre seeing more optimism in this market. Youre seeing investors digest some of the news about the spike in coronavirus cases. And seeing some hope in this as we move forward, that hospitalizations are down and it may not be illness has to run its course. Theyre taking it in stride at least for today, to close the quarter. Meantime i want to talk about another merge are potentially happening in the space, in the field today. I spoke to a source with knowledge of uber and post mates who told me the fact that there have been reports that uber is offering to acquire post mates. That post mates will go forward with its s1 within the next couple of days. That is the registration to begin the process for an ipo. Im told jpmorgan, bank of america, they will indeed be the book runs. When you look at uber and its push with uber eats you can understand why it would want to acquire postmates because that is company that delivers food. All these businesses are doing real well especially with the pandemic right now. Sources telling me that postmates wants to move forward within ipo on its own of the guys . Connell we have deion raboin, stocks editor at axios. We get a headline all the time virus cases are spiking. We might have more lockdowns in texas, california, whatever, florida. As jackie says the stock market wraps up its best quarter in a long, long time. Whats going on . I think whats going on is as simple as one word, stimulus. Folks are expecting maybe bad news equals good news when it comes to the Federal Reserve and the u. S. Government. Weve already seen about four trillion dollars in deficit spending from the government. Weve seen about three trillion dollars added to the Balance Sheet on the fed. I think the thinking goes if the coronavirus cases get worse if we do have to lock down more parts of the economy if more businesses simply cant function, that just means the fed is going to turn on the faucet, give more liquidity pumped into the system and government is going to have to go back and maybe right now the market is expecting a billion, im sorry, a trillion or trillion 1 2 dollars in new stimulus. That could rise to two trillion, or and the i think the market is looking at it in the sense if things get bad in the real economy, we can get that sweet, sweet government fed money. Connell looks like, just to put it all in perspective, we just missed doing the something the market hadnt done since 1932. The s p 500 almost was almost up 20 this past quarter. It hadnt had a down 20 quarter as far as i know, follow that one with up 20 quarter since 1932. Just fractions off of that. Still, at 3100, really is something, dion, after all weve been through. If im hearing you right, investors are betting, well see if theyre right or wrong, that we can manage our way through this with the help of the Federal Reserve and with the help of the stimulus and maybe with the help of more knowledge than we had the first time we went through it first time around or a few months ago . Look, the real economy is not back. Its in bad shape. You have more than 30 Million People collecting unemployment benefits. You have a number of businesses, some, some Small Businesses closing about 20 from february to april of this year. Were in real trouble on the real economic side. But when it comes to the market, when it comes to these public companies, these big companies, especially on the tech side, with those nasdaq techheavy stocks, investors are saying hey, you know what . Well be okay. The fed is going to keep liquidity pumping. They will be able to issue debt. Get more money to load up those war chests. Companies have issued going on 1. 5 trillion this year, a record in just six months. The relate economy is in shambles now and in bad shape, but when you look out on wall street, people are saying as long as the fed keeps coming through and keeps the hose pumping well be all right. Connell what about the election . I was talking to steve forbes about it the other day. It happened to be on a day the market was strung struggling a bit. He was hearing from more people that is more of an issue. Well talk about joe bidens speech and questions from reporters later in the show. From investors how much of the issue is the election, betting on the election as of right now . Well i think in the short term investors are thinking that the election coming up means well definitely get some stimulus. Neither party wants to the party that held back more unemployment funding or more help for Small Businesses or you know, the party that sat back and did nothing or stopped the other party from doing something that could help rescue the economy. In the short term theyre thinking that. There is worry in the long term arranges President Joe Biden does mean liar taxes, higher Corporate Taxes and higher individual taxes, that he could he cut back on stock buybacks. Push companies to return dividends, things like that. So in the long term if the numbers move and continue to move as they have, in favor of vice President Joe Biden, that could start to move the market as it starts to rethink that is the future. Connell right. Right now stimulus. Connell yeah. I want to ask you one other question. Were going to talk as i said more about that later, about real estate. You wrote about it in axios today. We had housing numbers out this morning caseshiller, home prices up 4 annually, fastest pace since december 2015. Talk about it, the myth of closing what was described as the racial gap through homeownership, the racial wealth gap through homeownership is a complete myth. That the idea that homeownership creates wealth. Talk about that a little bit, what you found out from the numbers. It is reversed . What people seem to think when they talk about closing racial wealth gap, if only black people would buy more homes or become more, or would see it more as desirable to buy a home, they could close the racial wealth gap and what the data shows us, homeownership is a part of wealth. Black people have less wealth, therefore are less able to buy a home. It is actually the other way around. People say you could solve the racial wealth gap or close the racial wealth gap through homeownership but wealth begets more wealth. The fact that black people have much less wealth to begin with why they own less homes. Without a Big Government financed program, to simply push more wealth into the black community, there is no way for black folks to get the kind of levels of homeownership, get the size, the size of the homes, more expensive homes with more equity value in them. That would actually start to close that wealth gap. Connell one of many items to make you think in his axios note. Deion, arbouin. Medical less is a, back to you. Melissa all of us that lost wealth. Press briefing wrapping up at the white house. Members of the Coronavirus Task force are set to answer questions later this hour. Lets go to blake burman with details. Reporter this is one of the rare times that something is actually early here in washington. Vice president mike pence and members about the Coronavirus Task force are in rockville, maryland, 25 miles northwest of us in washington, d. C. Theyre actually taking questions right now. This is the second time in just the last handful of days we heard from the Coronavirus Task force. They had taken several weeks off. But once again theyre back talking before the cameras as number of cases across this country continues to rise. Meantime back here in washington, but especially up on capitol hill there was discussion today about what a next phase iv relief measure could look like in the upcoming weeks. We heard from the Senate Majority leader Mitch Mcconnell who said today that he would be in favor of liability protection, something he has talked about for a while but also even talked up the need for added uninsurance employment for those who have lost their jobs. He was asked if a package would come before august. This was his response. Back to work bonus pays people who are working. What about the people who are unemployed and cant get back to work . I have dont get it. It is illogical. If Unemployment Insurance are supposed to help people unemployed, back to work bonus doesnt solve that problem. Reporter that very clearly is not Mitch Mcconnell. That is Chuck Schumer the top democrat in the senate. You heard him talk about this idea of a back to work bonus. That is something that republicans, specifically some Senate Republicans even over here at the white house talking about potential for phase iv package, something you heard schumer pan right out of the gate. Democrats, melissa, they keep saying phase iv, negotiations and discussions should happen now but the bottom line with all of this is, that this is going to have to wait for a few weeks until everyone gets back here to washington after the july 4th break. As we heard from Mitch Mcconnell say today, he expects for a package of some sort to happen in july. Melissa, back to you . Melissa yeah. We got to wait for all of them to get back to work once again. Blake, thank you. Tomorrow you will be speaking with President Trump. I am so jealous. The full interview will air on the claman countdown at 3 00 p. M. Eastern. I love it. Connell, over to you. Connell look forward to that. Meantime today, treasury secretary Steve Mnuchin, Federal Reserve chairman Jerome Powell were on capitol hill and they testified on the response to the coronavirus pandemic. Edward lawrence keeping track of that throughout the day joins us from washington with the details. Edward . Reporter i can sort of echo what blake was saying there. The treasury secretary in this hearing testified he wouldnt start negotiations on a phase iv for a couple of weeks into july. Now on the economy for this, Federal Reserve chairman Jerome Powell giving a little bit more upbeat assessment, saying he welcomes the economic bounceback he is seeing. Treasury secretary Steve Mnuchin giving a more optimistic view of it saying there will be a vshaped recovery once the economy fully opens. Again the fed chairman though not going that far. Listen. The economy remains extraordinarily uncertain and will depend in large part on our success in containing the virus. The Federal Reserve is strongly committed to using our tools to do whatever we can for as long as it takes to provide some relief and stability to insure the recovery will be as strong as possible and to limit lasting damage to the economy. Reporter both said fiscal Monetary Policy help will position the economy to jumpstart when it does reopen. Mnuchin says the talks on the next round of aid for the federal government will start in july. But it will be forwardlooking. Listen to what he said here. We would anticipate that any additional relief would be targeted to Certain Industries that have been especially hard hit by the pandemic. With a focus on jobs and putting all americans back to work. Reporter and you heard blake say the Senate Majority leader Mitch Mcconnell, if they can agree on something, it will happen to be passed in the senate by august 1st. Now in the hearing, there was a lot of questions about the Paycheck Protection Program and transparency receipted to that. Also, what to do about the pot of money that will be left over . Today is the last day theyre accepting applications for the Paycheck Protection Program. There should be about 134 billion left over in that pot. Now only congress can reallocate that money. Mnuchin said he had bipartisan support for transferring or moving that money into an industry, possibly into an area for businesses that have been hit the worse by coronavirus like restaurants. Back to you. Connell all right. Edward, thank you. Edward lawrence. Melissa. Melissa fox business alert. Fedex reporting Fourth Quarter results. Lets go back to Jackie Deangelis with the numbers. Reporter hey medical melissa an top and bottom line with adjust the expectation. That is a beat about a billion dollars from expectations. 2. 53 in earnings per share compared with estimates of 1. 52. Now both numbers that came in were less than we saw a year ago bus businesses have definitely struggled, even businesses that saw increased demand during the coronavirus pandemic. Here is what fedex had to say in headlines coming out. They saw surges in residential deliveries for fedex ground. Obviously that makes sense because of the coronavirus. They also said virtually all revenue and expense line items were affected by the covid19 pandemic during this quarter. For the outlook, the nearterm outlook is unclear but they expect to benefit from the global recovery. So finishing it off there on a murky, yet a little positive note. Again a beat on the top and bottom line, guys here for the shipper. Melissa all right. Jackie, thank you for that. Connell . Connell the fight to defund the nypd that weve been talking about. Mayor de blasios latest move to cut a billion dollars from the Police Department budget is now facing a vote. What that expected approval could mean for a city that is trying to get back on track. Well have. Then getting back to business. The hotel industry, grappling with how to safely lure customers back which is normally the busy summer months. Stick around. Much more ahead. Liberty mutual customizes your Car Insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. I geh. Common bird. E. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Connell all right. Back now talking about slashing the nypds budget. The city council of new york set to vote on a billion dollar cut to the department and that vote, less than two hours away. After protesters pushed for the money to be given to different city programs. Aishah hasnie in new york with a the story. Reporter that vote has been postponed to 6 00 tonight. So far things are calm in City Hall Park where protesters have been camping out in days. This morning a different story. We saw clashes happening with protesters and dozens of Police Officers in riot gear. One person was arrested for assaulting a police officer. Now the mayors plan would slash the nypds budget by a billion dollars and also cancel an upcoming recruit class, with those dollars, going to youth and community programs. The mayor says he can do all of this, while keeping the city safe as well, but the police union feels differently about that, pointing to a surge in shootings and Violent Crime. That is why not every councilmember will be voting yes tonight. We are undoing everything we did to make new york city the place i like to live and the place that some people like to visit, and it is just a sad day for new york. And im confident this vote will be replicated in so many of americas large cities. Reporter the budget is expected to pass tonight based on number of people who are going to say yes, even if the budget passes though, with the one billion dollars in police cuts, a new york city public advocate is now threatening to use his powers to block the execution of this budget in order to obtain even more cuts. And another question tonight, connell, is, will these protesters willingly leave City Hall Park after the budget, lets say passes . We just dont know that for sure. Right now there are some people out here that do not want to leave because they have even more demands they want to see met. Theyre going to collectively talk about that after the vote tonight. Connell . Connell all right. Aishah hasnie in new york, 6 00 p. M. Vote. Melissa. Melissa who better to discuss new york citys decision to possibly cut Police Funding than our own david asman. David, this is such a frustrating and infuriating story because crime in new york city, we have been watching it skyrocket. Thats right. Thats right. Melissa now we see that the mayor wants to pull money from police, look at that, 142 increase in incidents of shootings this week to date, versus the year before. Yeah. Melissa where is a lot of that money going . Well that is a very good question but first of all, dont you feel like were living in a backwards universe right now, melissa . Where you do exactly the opposite of what your