New week, jim, with the focus once again on a resurgence of cases in certain parts of the country for the virus. Concerns about china, as well. And then the overall as we, of course, know, expectations regarding the economy and what the impact may or may not be as a result of what i just mentioned. Well, i think that its always surprising to me as someone who i think lived through it like you do that people in some of these states did realize the level of contagion. I mean, this is one when youre in the room with someone who has it, youre going to get it if you touch someone who has it, youre going to get it i dont know, did people feel they were immune i think there was a sense that maybe new york was isolated. I dont think this will be like new york because i think they learned how to treat people. So, i think the big scare of the hospitals being overloaded will only be perhaps some i mean, we had a war zone here in new york. I dont think that will happen there. The chinese situation
20. 5 in a data set thats never been more than 2 million in a single month, numbers we never expected to talk about no. The numbers are just completely and totally shocking not unexpected however given the carnage thats taken place in the economy over the last month as we locked everything down those lockdowns ending around the country. Things starting to at least normalize in some states the question will be of the 18 million workers who describe themselves as a temporary layoff of that 20 million, how many really will get their jobs back is a key given the markets reaction today, there seems to be an expectation that most of them will that will remain a question over the next many months as we hope that the economy does start to return to some semblance of normalcy mike, lots of internals to dig through here average Hourly Earnings show a chasm between lowerpaid employees in the country and those with higher wages who, judging from the data, lost their jobs at a slower pace. Yeah, no
The answer is not for a long time even the greatest optimists think a mass vaccine in the middle of 2021 maybe something smaller this fall the idea of something that is just given to you in the hospital iv that makes it so it eliminates the lets say the odds of you dying, its something that makes us feel like maybe this is the tamiflu for this dreaded disease i think, of course that makes people feel more optimistic. Everybody wants the country open, but nobody wants to do its been that stark, that bipolar. How about we get it open versus getting really sick. Thats something that people will say open it up, thats why the market is flying its not the tamiflu, its for when you are already fairly sick its very important i dont want to discount it in any way, listening to Scott Gottlieb has been one of the more rational voices on this throughout. He frames it properly. We actually do still need those antivirals that would be taken earlier in the course of the disease to mitigate its effect
Harrington is the ceo and Portfolio Management at Gilman Hill Asset management, rob sechman is one of forbes top 100 Financial Advisers and rich sapperstein is back. He, as well, a top Financial Adviser, barrons, in the top 100 there. Lets get to the board, show you where we were currently trading. Pretty much highs of the day 550 for the dow, 2. 25 , 24,646 s p 500 trying to push towards 3,000, a gain of 2. 5 today, a gain of 73 points. Nasdaq, the outperformer of the majors at 3 , and theres the russell, which is having a good day as well, with a nearly 5 gain some 61 points there dow going for its best month since 87. The question is what all of this means for the coming days, weeks, and months ahead. Joe, im going to go to you first. You look at the drivers today, i mentioned the gilead news, and that is clearly overshadowing what was a dreadful gdp number fauci now is talking about the clearcut positive effects of this remdesivir trial. Boeings calhoun, the ceo saying the thaw is
Reopening process going. Look, it does feel that there is a very self confident sense by governors that its time. I think that the president is so oriented towards its time, and the president is soed ed ed eet in having a vaccine by years end, that theres an element of two different worlds here. Theres the real world influenced by the president saying open it up, people want to do it, and the stock world influenced by Warren Buffett who said i sold the airlines because that industry has fundamentally changed. Its a big gulf. Really the largest ive seen amazing. David . Sorry, carl weve been talking about that for weeks. The many phone calls that you or i will have with Business Leaders who are focused on maintaining their liquidity, focused on just being around to fight another day come the end of the year. The many ceos who join us on air who constantly talk about their businesses not coming back to the levels they were prior to the virus for maybe two or three years. Now they may be