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Category 2 but its still danger it slammed into a gulf coast as category 4 150 miles an hour winds. Well take you lye where the situation is still unfolding sports coming to a stop. Maybe temporarily. Players in nearly every proleague choosing not to play last night in protest of the shooting of jacob blake inwayway the Milwaukee Bucks began the protest. Bucks owner said i fully support what the team is doing and im going to do whatever i can to help them get their message out and try to bring about a change. It sountdds like the nba may be back on today. Everything is very fluid your Investment Committee is here today we got to do a quick recap of these record markets. Green, green, green, green the s p up as well the s p earlier hitting the milestone of sorts plowing above 3500 for the first time ever. The nasdaq, else what, every high is a new report high. Even the ....
Good. You were with us last on march 23rd you said then, this could be near a bottom. You said that you were, quote, nibbling and it was time to buy a little if you were a longerterm investor are you surprised how far weve come and how quickly weve gone there since that day yeah, its been a bigger move than i thought it would be, for sure but look, theres been a lot of fed action and a lot of government packages since that day and on that day and since that day and, you know, a lot of that probably moved the market than it has the real economy up to this point. So those things happen now the question is, whats the right value for the market now well, thats an interesting question your friend, stan drukenmiller yesterday said this was the worst the risk reward for stocks was maybe as bad as hes seen it in his career. Hes had a long career, david. So do you feel the same way that stanley does how would you put this into context now as to what the right valuation for the market is . Dans ....
Look at the s p 500 at 2978, a 55point gain and there is the nasdaq the outperformer yet again, almost 2. 25 , 200 points, 9387 the nasdaq, not all that far away from last februarys highs, which our headliner says this hour is going to happen this year and not just the nasdaq so lets welcome in fund strats tom lee. He is joining us via skype tom, welcome back. Nice to see you again. Thanks for having me. Big call. How are we going to get there this year, tom you say 3450 is happening . Yes, and i think what really drives our view is that companies in the midst of the shutdown arent standing still you know, theyre reengineering their operations, learning how to be digital, run with fewer employees and less real estate so in 2021, as we exit this pandemic, theyre going to generate higher earnings on a lower level of sales and that means implied better pes. And thats why we get into july, stocks will start discounting that and were looking for new high hi highs. Youre looking for a vshape ....
Well, ceo of farr, miller, and washington hope everybody is doing well lets check on the markets today. Give you a look at what stocks are doing this hour. 2. 66 down for the dow nasdaq still down 2 and the russell seems to be either the outperformer on the upside or the down side and that is where we find ourselves today. So steve weiss, let me turn to you as we begin our debate on stocks today i is a uh you said earlier today in a note that youre surprised that were down as much as we are today. Why . Well, you know, none of the news dish mean, the numbers were new and maybe slaps you in the face when you see them versus what your expectation is, so the reality sometimes takes you lower. Look, we have so many pundits and strategists come out and say, im so bullish now or im more optimistic, et cetera it brought some weak hands into the market im not surprised that weve sold off a little bit. Thats the kind of market were in but im surprised we took it down this much however, if you l ....
Russell is up 3. 25 . So steve, i turn to you. We have in the last hour, Bernie Sanders out. That gave stocks another leg you have a comment from dr. Fauci today that the virus turnaround is likely after this week and you have the new york city mayor de blasio saying that there are enough ventilators, he thinks, to get through this week all of that seemingly is enough to keep the market where it is but we saw what happened yesterday when everything evaporated later in the day. Does this have staying power i think it does, but within this range that were in, with the downside being where we hit the lows before, im hoping we dont retest that. The focus will turn shortly to how we get back to work once the virus is over. And i do believe thats what took the market down somewhat yesterday afternoon, in addition to it just being up too high, too big a move because when Governor Cuomo< ....