Data and their stock sale this week but first, we are just getting the minutes from the last Federal Reserve meeting. It was a major one, consequential. Steve liesman digging through that release right now well give him some time to digest and dig, well hear from him in a minute. In the meantime, kelly, back to you. Tyler, thanks we are awaiting the headlines from the fed minutes stocks are in rally mode right now, as all 50 states have now eased lockdown restrictions in some way lets get over to bob pisani who has more on the markets for us bob . Im dying to hear more about what mr. Powell said in the fed minutes. Mr. Powell has been much more aggressive in talking about the need for more fiscal stimulus. Im sure that will come up in the minutes. Stay tuned for steve ive been talking about broadening in the markets. Were not far from the highs today, but what you want to see happening, the broadening, its happening again today. The banks are up, the transports are up were seeing moves
Timing, the pace, the safety of this economic reopening. Right i think that at this point, we know that the v is off the table. The struggle here is whether we have a ushaped recovery or whether we dont have a recovery and i keep coming back to there are two things that can happen you get a vaccine, and youll have a vee you dont get a vaccine and youll have an l and i think on days like today when you see the unemployed numbers, you say to yourself, without a vaccine, this is going to be a very, very long slog, just like what chairman powell said yesterday chairman powell is giving you the straight stuff and this number should not be a surprise to people who listened to him yesterday when you think about a vaccine this week, jim, we have heard promising comments from pfizer and j j today, the novartis ceo saying its likely a second half 2021 story. What do we believe i think its second half 2021 if at all. Its a very, very difficult virus. But you know, that may just mean when you look
House considering Financial Relief for workers and businesses impacted by the virus. This is what the president said yesterday. We are going to be asking tomorrow, were seeing the senate, well be meeting with house republicans, mitch mcconnell, everybody, and discussing a possible payroll tax cut or relief, substantial relief. Very substantial relief. Thats a big number. Were going to be talking about hourly wage earners getting help, so that they can be in a position where theyre not going to miss a paycheck all right jim, we have a presser at 5 30, but right now dont expect specific proposals i think theyre mulling over some things. Theyll give direct support to workers, which is fabulous a lot of workers live hand to mouth. Theyre coming to work even though she shouldnt because theyre sick and this is a great holdover Small Business loans, they can expand that greatly. We have a lot of money coming into the treasury. They can waive the interest and penalties for people who file exte
And welcome to power lunch. Im contessa brewer. The dow rebounding after dipping earlier in the session all three up for a Third Straight day, something the s p 500 hasnt done in well over a month. Oil prices, though, sinking. Crude taking a leg lower this hour materials and industrials the best performing sectors today. Utilities and energy among the biggest laggards the Mattress Retailer missing estimates and cutting its outlook. Hanes dropping on missed results. Fitbit soaring, topping expectations well, the bulls getting off to a strong start for the month. If youre hoping to recover your big losses before october, this could be the month for it. Bob is at the New York Stock Exchange with the staggering stats. Lets look at the five key things investors need to watch for. Hi, bob. Hello, melissa. This is a seasonally strong period of the year, thank evens, after what happened in october its the second best performing month of year. Were up an average of 1. 5 since 1950 more importan
come at 8:30 eastern time and at 10:00 wholesale trade. we ll be getting quarterly results before the bell. okay. let s tell you about some of the stories that we re watching this morning. valeant said to hold a conference call at 8:00 eastern this morning. it s going to be providing a business update to investors and take questions. town more than 40% since the short sellers report was published on october 21st. that report accused the company of fraud compared to drug pricing. now that same short seller now focussing on did i mispronounce it you tell me. how would you pronounce it. mallinckrodt. i thought i came close. good for you. they call citron a far more defe offender. shares of that company dropping near a two year low yesterday. the company tells cnbc it s fully confident in it s business model. they will join us live to talk about it. also in tech news this morning, apple ceo tim cook is in italy today speaking at the university in milan. he was in