Taylor Apple, Joe Biden, President Trump discussed on BTV Simulcast


Coming up in the next hour. President elect you bite and puts his national security team in place. This after President Trump agrees to a formal transition investors to your political certainty. The Dow Crossing 30,000 for the first time, plus the true believer, longtime Bitcoin champion Dan More head on the crypto currencies massive rally. It's Pierce $19,000, but is the best still yet to come? And proceed with caution. At least one analyst sounding new alarms over text sky High valuations is the rally getting near stall status and let's get to those valuations that we start back with all U. S. Markets. Big Day on Wall Street here today, the Dow topping 30,000 for the first time the S and P 500 also jumping to a record. Bloomberg's Abigail Doolittle has more and the wrestle 2000 also fresh record. Abigail another big Day. Taylor for sure. Absolutely. We have this reopening reflation trade back on and bringing record highs, record highs and big round numbers. Lots of euphoria to over the markets looking toward the second half of next year, and what the vaccine could need for the economy now relative to stocks. It was weird like everything rally. Four different stops. Ironically, the only index to sit out was the biotech index. Ironic, obviously, because it's the vaccine and medicine that folks are so excited for, but the Russell 2000 and 1.9% another all time high, the KBW Bank index putting up a great gain those small cap banks by 0.3%. But yesterday Taylor Apple was sort of precarious, technically crossing some downside levels, but not so much today. Those bulls coming Back through and then relative to the real reopening rotation. We have cruise lines. The airlines copping sharply higher on hopes that once the vaccine gets circulated into the world, folks will be traveling again. And they'll also be gambling at the resorts. We have win an MGM. These are some of the top sacks, the S and P 500, which also put in a record high, Taylor one day or hoping we can travel here, especially you. Your eyes travelers. Yeah, sure You're going to get out there and you know we want to go cross asset because you saw That reflation trade in that lift up in yields. I mean, you're up 345 basis points here on the long bonds. How much does that tie into sort of this reflation trade as well, You know, it's just right, Taylor because we have bonds up to there is this sense that there is some reflation and some inflation, normalizing environment and economy. On the other hand, you have yields not going too high because too high, then you evaluation re pricing a risk. We take a look at the 10 year yield. We see it's still below that crucial 1% level and in turn that is helping not just the banks and energy that cyclical trade Taylor, but as you know, earlier today, Dan passed Raelian options inside. He told me that low rates also helped. The stocks have been working all year long. The Amazons and Tesla's so Who knows? Maybe we're really just off to the races into the end of 2020 and into 2020. You know, it's interesting that a lot of commentaries been made that this is a healthier rally because you're getting these record highs. But Tech and Big Tech is not making record highs, either. Yes, does that help us give more belief in this because you're doing this, but not at the expense attack? Yeah, probably. There's a little bit better breath here. At this point. All the different sectors are participating in today. Tech was also right in the middle of the pack. It wasn't as though Tech was selling up because let's remember those of the big member waiting. So it's See solid if Tech where to drop that could really be, you know an issue for the broader markets. Even if energy is climbing energies, only 2% of the market financials a little bit more than 10%. So, yes, very healthy, broad based rally on the day Bloomberg's out. Gil do little always appreciate your insight and for joining us And after weeks of inaction, of course, the chief of the General Services Administration acknowledged Monday that Biden was the quote apparent winner of the U. S election. The shift came after the key swing state of Michigan certified bit Biden as the winner and at least nine Republican senators called for the transition to begin and the Trump legal team. Suffered fresh step backs to discuss. We're joined by Bloomberg's Gregory Corti. Gregory talk to me a little bit about that transition, of course in the one o'clock hour today, getting more updates on some of those key Cabinet positions. What was your take? Yeah, all of the sudden after three weeks of a delayed transition because President Trump refused to concede losing tow to President elect Joe Biden. Now we're off to the races, and we have a transition that looks like a regular healthy presidential transition. You have Joe Biden out today, formally putting forward some members of his national security team. You have the General Services Administration, releasing funds to the Biden transition to begin toe, hire some people and to do the kinds of things they need to do in the transition, And we got word just this afternoon that the President Trump has signed off on President elect Biden receiving the president's daily briefing, which is the most top secret intelligence product that we have in the United States on so it looks like you know, we're moving forward to a Biden presidency on January 20th without any obstruction, apparently from the Trump Administration, you know, Gregory Bear with me here because it was earlier today in the show when we were talking about With Ian Bremmer, this.

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