Dow 30,000. 2009,were you march 10 of while you were up 16 per year on the dow . Spx i believe better as well. There have been reasons along the way to go to cash, and yet here we are with solid doubledigit returns across 13 years. Jonathan and some houses got it right. One of those houses, Morgan Stanley. It was really uncomfortable to make the call coming out of march 2 remain committed to the recovery in the u. S. Economy. It took some real confidence, and one thing that has frustrated me over the last couple of months is every time someone says the easy money has been made. There was nothing easy about going long in early april during lockdown. Lets be clear about that. We are going to keep this short with mr. Wilkinson keep wilsonort to get mr. Of Morgan Stanley, but we are not even seeing the version of those trends, are we . Jonathan not yet. Bank of america proposes holding the bonus pool flat for traders, this on a year where in the first of nine months, revenues or bank of am
Worldwide, and television as well. A bit of a fog and rain in new york. A fog towards the election seven days on. After the carnage we saw yesterday, we really have to recalibrate where we are because we advanced so nicely for it yesterday. It really isnt all that much of a pull back to, is it pullback technically, is it . Jonathan lets be clear, the s p 500 might be bouncing back by about 0. 5 , europe is not as all. Not just the caseload, but also the restrictions around the continent. Europe has a problem. I keep talking about this. Theres a real issue in the european economy. The recovery had already lost moment him just lost momentum. Then you throw this on top already lost momentum. They need for this on top . It doesnt look good. Ecb that gets to in meeting. S of freedom that Christine Lagarde has gets ever more narrow, doesnt it . Jonathan keep financial conditions loose. What i found fascinating, and guy and i went back and forth on this yesterday, if you ask people whether we
The transition process starting to kick in. Tom not only the good news, but just as much as there was no bad news today, and that gives a lift to equities and other adjustments in the market. Jeffrey currie will join us from Goldman Sachs, which is wonderful. Futures up 27 and we will talk about the data in a moment, but yes, chair yellen front and center in this historic moment for our politics. Francine lets get to bloomberg first word news in new york city with ritika gupta. Ritika President Trump is finally calling on his agency to cooperate in the formal transition process with joe biden. That follows weeks of inaction. The General Services Administration Made its official made it official with its acknowledgment that biden was the winner of the election. Still, President Trump says he will contest the outcome of the vote. Formeren has turned to fed chair janet yellen to be his treasury secretary. She would become the first woman in the job if she is confirmed. She is likely to wi
Structure already. Interesting to see if those that dont, end up following. Fit management style. Embraced the model. Challengeent, the these banks are trying to figure out is whether or not trading revenue, so pivotal now, will sustain. At the moment, it is balancing the leisure. That is the challenge. Does it continue . If it does not tom total fixation in america. Derby, a consortium of people at work. Johnson johnson, their heritage in new jersey. Faceeaconess in boston, read covid19 vaccine trial moving forward, september. Clearly good news along one path of the virus. Very detailed note, published in nature this morning. Futures 28 even with that Johnson Johnson list. City. Word news, new york ritika good morning. Negotiations resumed today on a compromised relief plan, the administration and Congressional Democrats nowhere close to agreement. They are under pressure because millions of americans lose Unemployment Insurance this week. For aeadows is looking stopgap measure that w
Second half of 2020, there is an overlay of other stories. The pandemic story, at least in the United States, is truly front and center. I would also note the stunning close to equity markets yesterday. Call it window dressing on june 30, 2020, but we begin this july strong in the markets. Francine we certainly do. If you look at what the markets are looking at, and a lot of the focus is on the number of infections, treasuries slipping, and i am looking at a couple of Technical Glitches in europe affecting trading. We will have a full market roundup, but lets get to first word news in new york city with ritika gupta. Ritika good morning. Infectious diseases chief Anthony Fauci warns the u. S. Is going in the wrong direction. He said the country could see 100,000 new coronavirus cases a day, up from the current level of 40,000. Several southern and western states are seeing increases in infections, prompting some to put reopening plans on hold. A new poll shows 10 lead, joe biden over p