Stocks into value encyclicals keep up . Havens are bringing back some ground. The Federal Reserve warns there could be major downside for asset prices if the Economic Impacts of the virus is not mitigated. Will a vaccine or stimulus come soon enough . Welcome to the program, happy tuesday. Picking news from the u. K. , jobs data giving us a picture of the damage done or avoided on the u. K. Economy. The unemployment rate, a three month figure, we get an ,nemployment rate of 4. 8 exactly what was anticipated. It was on the rise. Very cushioned by the furlough scheme over the summer, and the end of september. Where we are on the jobless claims number, we have i go to this because we do not have survey data but it is interesting because it is october data, a little more impactful. The jobless claims change down by 29,800. , that looks lower than the prior period. Some of the data seems an improvement on the previous period. I go to that redhead line on the u. K. Unemployment story. 164,00
From its previous record high close on february 19th february 19th, that seems like so long ago. What a different world that was back then. We want to fire up the fast money time machine for a trip back there to february 19th. Look at that, our traders there on set all together at the Nasdaq Market site that was fun you might be thinking to yours this is some oldtimey footage of people dining together at a restaurant that was february 19th theyre all sitting inside a restaurant can you imagine that they can out the theater goers waiting to see a broadway show while were at it, there was also an nbc news democratic debate in nevada that night. Take a look at that. Hi, bloomberg, hey mayor pete. Theyre hugging, shaking hands, so much closeness. Anyway, the entire world has clearly changed since february 19th but the stock market is back to where it was guy, whats your take on this record comeback . Well, what you didnt tell the audience is you also were playing the piano for this little
There was tesla. After its broad earnings report, shares were up as much as 6 but end of the day down by 5 it seems like the momentum trade, the big cap tech trade got unwound a little bit today. Yeah. Is this another one of those rotation moments we had one in mid may and one in mid june maybe we have one here in late july if you think about the move in big cap tech, apple is down about 5. 5 against the s p in the last ten days. Across the board youve seen this essentially across the tech space. If you look at small cap stocks, the iwm, the etf that tracks the russell 2000 it actually eked out a small gain today banks are up 4. 5 in the last ten days this isnt just a oneday move sometimes these days seem like, boy, this just all started today. This is a move thats been building for the last at least two weeks of sessions. I think its something that could continue weve just gotten through earnings from a lot of these folks and we started to see what it looks like when you start to sell
Is what im really interested here, is why the United States of socialism right a jew write this book . Guest i noticed that there has been a flurry of books on socialism that is no surprise. Because socialism has come into the american mainstream for the first time in our countrys history. There have been socialist candidates in the past, norman thomas, they were never in the mainstream. But now, in fact it is time and many of us had thought socialism collapsed at the end of the 20th century, suddenly in the 21st centuries back and back with a vengeance. So im not surprised there are a lot of books that are trying to take stock of this. The unifying theme throughout these books, and by and large it is in the field of history. Its the idea that socialism has never worked before. Certainly not for lack of being tried. It was tried really the majority of the world. The largest countries in the world, russia, china, india, all swung in the socialist directio direction. So the issue is that
A little bit of a different take on it i noticed there had been a flurry of books on socialism. Thats no surprise because socialism has come into the american mainstream for the first time in the country theyve collapsed at the end of the 20th century suddenly they tried to take stock of its other unifying theme by and large is the idea that socialism has never worked certainly not for the lack of being tried was tried in the majority of the world. The largest countries in the world, russia, china, india so the issue is that socialism didnt work before and its not going to work now. The verdict of history kind of argument. But the problem is that a lot of young people dont know that history is a house and really ds them. The second part is we are trying a new form of socialism. Its not authoritarian socialism, its democratic socialism. It is scandinavia. Its right there you can see it and we have three types of socialism. Its not just about the racial grievances and gender grievances a